Indian steel producer, RINL, seeks JV partner for cement project
Rashtriva Ispat Nigam Ltd (RINL), owner of Visakhapatnam Steel Plant, Andhra Pradesh, India, is seeking a joint venture partner to establish a new cement plant, which will utilise slag and fly ash produced by RINL’s facilities, according to a report in The Hindu (India).
RINL plans to build a state-of-the-art 2.5Mta production facility at Gajuwaka, with a total investment of INR10bn.
Heidelberg Cement, Ultra Tech and Reliance Cements are reported to be main contenders for the project, with RINL offering a majority stake to any eventual JV partner. Other bidders included Zuari Cements, Bhavya Cements, JP Cements and Binani Cements.
RINL will provide 0.8Mta of dry fly ash from its captive power plant to the cement factory per annum. RINL will bring on additional steel production capacity on line in 2011-12, increasing the slag capacity up to 1.6Mta slag by 2014-15, according to the report.
RINL has also promised to provide limestone from its Jagayyapeta mines by exploring the setting up of a clinker plant. RINL, a debt-free company, aims to have a 26 per cent stake in the joint venture with land as its equity.
Published under Cement News
