POSCO to take over Vizag Steel Plant?

[Anta Assamey]

South Korean iron manufacturing company POSCO is most likely to take over the Central government undertaking Rashtriya Ispat Nigam Limited in Visakhapatnam, better known as Visakhapatnam Steel Plant, in collaboration with Korean car manufacturer Hyundai.

This was indicated to YSR Congress party MP and party general secretary V Vijay Sai Reddy by Union minister of steel Dharmendra Pradhan in Rajya Sabha on Wednesday.

Answering a question as to whether POSCO and Hyundai are planning to set up a Greenfield steel plant with an estimated cost of Rs 30,000 crores on the premises of RINL in Visakhapatnam, the Union minister said POSCO had evinced interest to set up a steel plant in Visakhapatnam on RINL's land. 

“A non-binding MoU was signed in October, 2019 between RINL and POSCO. Subsequently, a Joint Working Group (JWG) has been formed for exchange of information. The shareholding pattern has not been determined at this stage,” he said.

However, as per MoU, POSCO wishes to have at least 50% shareholding while the shareholding of RINL would be worked out on the basis of valuation of RINL's in-kind contribution of the land for setting up of the plant, Pradhan said.

The union minister further said a joint team of POSCO and Hyundai along with the Ambassador of South Korea came to India and visited RINL, Visakhapatnam. They participated in a meeting with representatives of RINL, NMDC and Ministry of Steel on 22.10.2018.

Subsequently, a team of officials from POSCO visited the RINL thrice July 7, 2019, September 23, 2019 and February 20, 2020 in connection with setting up of the plant, he said.

[Ryzen_renoir]

Interesting , if the deal is about a Greenfield steel plant , then why would posco get share in RINL ? 

Can't they just lease the land and get yearly payments that could go towards the balance sheet of RINL . 

it could be a win win deal for both , POSCO gets to create a fresh plant in a great place . 

RINL gets annual funds that could be used to pay back interest and the excess unused land would be  put to use . 

Seems like a perfect win win to me .

But this whole stake sale just seems weird 

[kakatiya]

How does that actor guy know about this year's ago..was it in making long time ago !!!

 

Asalu gocenment antene scams be it tdp bjp or ysrcp..

We people are idiots 

[Anta Assamey]

Eppudo 2019 lo POSCO vallu jagan anna ni kalisnappude set ayyina deal anta... Bokkalo lodi bagane dach pettadu Jagan anna ....

[Anta Assamey]

Just now, kakatiya said:

How does that actor guy know about this year's ago..was it in making long time ago !!!

 

Just now, Anta Assamey said:

Eppudo 2019 lo POSCO vallu jagan anna ni kalisnappude set ayyina deal anta... Bokkalo lodi bagane dach pettadu Jagan anna ....

 

[Anta Assamey]

Just now, kakatiya said:

How does that actor guy know about this year's ago..was it in making long time ago !!!

Alantivi vinnapudu just Garuda Puranam ani oka 10 times ante janalu picha lite teesukuntaru ... adi formula ...

[kittaya]

1 minute ago, Anta Assamey said:

Eppudo 2019 lo POSCO vallu jagan anna ni kalisnappude set ayyina deal anta... Bokkalo lodi bagane dach pettadu Jagan anna ....

sivaji anni cheppadu... kani manollu evaru vinaledhu 

atlast posco vachesindhaaa ayitheee

[jawaani_jaaneman]

I really wish POSCO takes over RINL.

The best thing to happen to RINL since setting up shop in Vizag. 

Indian steel consumption is going to increase by leaps and you can't just keep a modern steel plant out of competition. Steel and Alloys la POSCO odini minchinodu ledu..this is the area where Indian companies lag behind.

[nag_mama]

1 minute ago, Anta Assamey said:

Eppudo 2019 lo POSCO vallu jagan anna ni kalisnappude set ayyina deal anta... Bokkalo lodi bagane dach pettadu Jagan anna ....

 

1 minute ago, kakatiya said:

How does that actor guy know about this year's ago..was it in making long time ago !!!

 

[Anta Assamey]

1 minute ago, kittaya said:

sivaji anni cheppadu... kani manollu evaru vinaledhu 

atlast posco vachesindhaaa ayitheee

Oka vidagam ga choostey Jagan anna Capital biscuit anduke anukunta to compensate...

[jawaani_jaaneman]

2 minutes ago, kakatiya said:

How does that actor guy know about this year's ago..was it in making long time ago !!!

 

Asalu gocenment antene scams be it tdp bjp or ysrcp..

We people are idiots 

2014-2015's la first attempt was made behind the doors, 

2014's la POSCO team visited the plant and held discussions for join venture for their proposed green field plant in Orissa and if UPA came to power, this would have materialized then itself.

This news may be new for people but not for people in the industry.

[jawaani_jaaneman]

POSCO odu papam cheppulu arigevaraku tirigindu, Jindal ganni tattukoleka wapas poindu..captive steel mines, environmental clearences, evi kuda iyakaunda oka 10 years waste chesyinchinaru...

Ipudu malli re-entry kodutundu, adi kuda Vizag la...kali peeli aatma gouravam, andhra ukku hakku anukunta bekaar hadtals chesi vunnadi kuda pogotetattu vunnaru ie batch..

RINL ipudu vunna level kante, oka 3 times ekuva capacity improve ayitadi...there will more commerce..its not IT job, its heavy industry...local area la crores worth of commerical activity vastadi, lakhs of indirect employment..look at bhillai, rourkela,jamshedpur or salem...oka micro economy..

RINL ni Union own chesina, inkevado own chesina, andhrollaki poyyedi endi, vachedi endi ? prati daniki 'aatma gouravam" ani oka tag esi dharna cheyadam thapa emi ledu...

[chandrabhai7]

Ide CBN gadu Cm ayyi untey. Korea lo chakram tippina chandranna POSCO tho matlladi lakshala kotlu vizag lo investment cheyinchsdu antaru lol 😂 yellow media too much vay

[Jambhalheart]

garuda sivaji eppudo briefed know

 

[Ryzen_renoir]

4 minutes ago, Jambhalheart said:

garuda sivaji eppudo briefed know

 

Vadu cheppindhi enti , vizag steel plant close chestharu ani but posco lanti company will only take it greater heights . 

What's good for the  the state/country is not necessarily good for the union employees