Rashtriya Ispat Nigam Ltd (RINL) is open to foray into flat steel if South Korean automotive manufacturer Hyundai Motor Company finalises Vizag as its site for manufacturing high-grade steel.
RINL Chairman and Managing Director P K Rath, however, said talks between the state-owned company and Hyundai are at a preliminary stage.
"Officials from Hyundai, the Korean Ambassador to India and a few officials had paid a visit to the RINL site in October. Now, they will give their feedback to the Indian government. There is no further development," Rath said on the sidelines of 'STEELIES India Award' 2018.
RINL has about 3,000 acres of land at Vizag in Andhra Pradesh that can be utilised for the project, which will not be less than 3-million-tonne capacity, he said.
The proposed project will enable RINL enter into the high-grade flat steel sector and long products for the automotive sector.
Asked how the company will fund its stake in the enterprise if it materialises, Rath said, "We have land, a scarce commodity as equity."
At present, the growing demand for automotive flat steel is largely met through imports.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)