Visakhapatnam: RINL, the corporate entity of Visakhapatnam Steel Plant (VSP) as part of its strategic initiative laid foundation stone for Tra-nsmission Line Towers (TLT) Project on Friday, a joint venture (JV) between RINL and Powergrid at an estimated cost of around Rs 330 crore RINL CMD P. Madhusu-dan and Powergrid CMD R.N. Nayak unveiled the plaque to mark the occasion.
Addressing the gathering, Mr Madhusudan observed that business scenario in the country is becoming very challenging and initiatives such as this would help in meeting the competition through synergy of the participating companies.
He evinced confidence that the JV would grow to great heights and would play a vital role in TLT sector. Mr Nayak outlined the importance of the project and said that this is the first manufacturing unit of Powergrid. He evinced the hope that the project would commence production wit-hin a year to realize benefits at the earliest.
Senior officers of RINL, Mecon, Dastur&Co, representatives of Steel Exe-cutives Association, uni-on leaders, and SC&ST association members attended.
The RINL-Powergrid TLT private Ltd Company is a 50:50 Joint Venture by RINL and Powergrid is coming up on steel plant premises. The facilities include TLT Fabrications unit and TLT Galvanising unit to produce 1,20,000 tons per annum of TLTs.