Centre gives nod for new steel plant at Vizag with Rs 20,000 crore
The Ministry of Steel gave nod for the construction of a new steel plant at Visakhapatnam. The South Korean major POSCO had entered into an agreement with the RINL last year for setting up a green-field steel plant on the premises of the Visakhapatnam Steel Plant in 3,000 acres.
According to the information, the plant would be constructed with an estimated cost of Rs 20,000 crore. A Joint Working Group (JWG) with the RINL officials and POSCO representatives was formed by the Centre for implementation of the MoU. However, Left parties and trade unions are opposing the new steel plant.