The corporate entity of Visakhapatnam Steel Plant, Rashtriya Ispat Nigam Limited (RINL), and the South Korean conglomerate, POSCO (formerly Pohang Iron and Steel Company) have jointly proposed to set up a second steel plant in Vizag. Reportedly, the Ministry of Steel is in talks with the Andhra Pradesh State Government regarding the establishment of this new plant.
The project is estimated to have an investment of Rs 20,000 crore, and RINL’s land may become its equity once the deal takes a final shape. POSCO reportedly wanted 3,000 acres for the whole venture. During the first phase, the representatives of the South Korean steelmaker plan to install a plant which manufactures value-added special grade steel in Vizag. The steel obtained from the proposed plant is likely to be used in making spare parts of automobiles.
Most of the automotive manufacturing units are centred in Maharashtra and Tamil Nadu. This implies that a large quantity of final products is sold from these states. Therefore the respective Goods and Services Tax (GST), levied on such sales, is directed to the tax revenue of the two states.
Speaking in this regard, the Andhra Pradesh Minister for Industries, Mekapati Goutham Reddy, informed that the AP State Government has requested the Ministry of Steel, to make certain amendments to the proposal which would benefit the state revenue. He further added that the project will be taken forward, based on the Centre’s decision.
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