Visakhapatnam: Union Minister for Steel Dharmendra Pradhan stated on Wednesday that the South Korean steel giant POSCO has signed an MoU with Rashtriya Ispat Nigam Ltd (RINL) in October 2019 for the setting up of a steel plant in Andhra Pradesh.
In a reply to a question from Rajya Sabha member V Vijaysai, the minister said the non-binding MoU has been signed in October 2019 between RINL and POSCO. Pursuant to the MoU, a joint working group was formed for exchange of information. The share-holding pattern has not been determined at this stage.
However, as per the MoU, POSCO wished to have at least 50 per cent share-holding. The share-holding of RINL would be worked out on the basis of evaluation of RINL’s contribution of land for the setting up of the plant, the minister said.
POSCO may probably skip the Kadapa venture and the second steel plant it proposed on the vacant steel plant site, for which it had signed an MoU with the RINL in 2019.
Several changes in the…