Project News Details
Govt. to revive VISL of SAIL with an Rs. 1000 crore investment
The Government of India intends to revive VISL of SAIL by modernization and expansion of its facilities with an investment of Rs. 1000 crore, Union Steel & Mines Minister Narendra Singh Tomar informed.
The Union Minister for Steel & Mines Shri Narendra Singh Tomar paid a visit to Visvesvaraya Iron & Steel Plant unit of Steel Authority of India Limited on August 21, 2015.
In his address, Shri Tomar said, “The Ministry is trying to ensure availability of raw material to VISL and once that is done, the government intends to revive VISL by modernization and expansion of its facilities with an investment of Rs. 1000 crore. However, this investment will be subject to recommendations of the consultant and approval by SAIL board. We shall try to expedite the whole process. For raw material security, steps will be taken by the state govt. to allot 140 Ha at NEB range Sandur Taluk, Bellary district to VISL, as soon as the case pending in High court is settled. I have held two meetings with the Chief Minister of Karnataka and raised the issue of allotment of mines including 240 Ha of iron ore mines, in the Ramanadurga area to SAIL, VISL for iron ore security. The CM assured to actively consider the matter on priority basis”.
Earlier the visit commenced with garlanding of the statue of Sir M. Visvesvaraya situated in the plant premises, followed by visit to the Steel Plant. The visiting dignitaries also met representatives of executive association and employee unions. Their main demand was that SAIL should make investment to revive the VISL Steel Plant.
This is the maiden visit of the Union Minister for Steel & Mines Shri Narendra Singh Tomar to Visvesvaraya Iron & Steel Plant, Bhadravati. V.I.S.L started operation in the year 1923 and was established by Bharat Ratna Sir M. Visvesvaraya. The plant is a pioneer in the production of alloy & Special steels. The plant has a wide customer base which includes defence, railways, automobile, engineering sector and tool making industry.
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IOC Planning Petrochemical Plant in Iran
As per the reports in the media, Indian Oil Corp. (IOC) is planning to build USD 3 billion petrochemicals plant in Iran which will have access to cheap natural gas as its feedstock.
India is planning investments in energy infrastructure in Iran. This includes ports and upstream gas production.
IOC is looking at petrochemicals to drive growth. The company is planning an investment of around USD 4.5 billion in coming years to expand its business.