rch 21, 2002

   Visakhapatnam Steel Plant (VSP) of the Rastriya Ispat Nigam Ltd. (RINL), a public sector undertaking of the Steel Ministry is poised to cross all its MoU targets set for the year 2001-02. It expects nearly Rs.4000 crore sales turnover against MoU target of Rs.3562 crore, a gross margin of over Rs.600 crore against the target of Rs.486 crore and cash profit of over Rs.300 crore against the target of Rs.88 crore.

    Accordingly it has set its targets in the MoU 2002-03 to achieve a sales turnover of Rs.4219 crore, gross margin of Rs.657 crore and cash profit of Rs.368 crore.

    RINL today signed the MoU with the Government for the year 2002-03. Dr. B.N.Singh, Chairman-cum-Managing Director, RINL and Shri N.N.Khanna, Secretary, Ministry of Steel signed the MoU.

    As per the MoU, RINL has committed to produce 2.675 million tonnes of saleable steel in the year 2002-03, which represents a growth of 11 per cent over the target for the previous year. Besides, it has proposed to produce 1,29,000 tonnes of coal chemicals and generate captive power of 215 MW.