Hyderabad: Rashtriya Ispat Nigam (RINL) today announced the laying of foundation stone for a transmission line towers (TLT) project at its facility in Visakhapatnam.
A public sector unit, RINL is the corporate entity of Visakhapatnam Steel Plant (VSP).
The TLT project is a 50:50 joint venture (JV) between RINL and Power Grid, another PSU, and will cost around Rs 330 crore.
P Madhusudan, CMD of RINL and R N Nayak, his counterpart at Power Grid, unveiled the plaque to mark the occasion, an official release said here.
Speaking at the event, Madhusudan said the business scenario in the country is becoming very challenging and initiatives such as this would help in meeting the competition through synergy of the participating companies.
He expressed confidence that the JV would achieve great heights and play a vital role in TLT sector.
Nayak, while outlining the importance of the project, said this is the first manufacturing unit of Power Grid.
He hoped the project would commence production within a year to realise benefits at the earliest.
The project envisages facilities like fabrication and setting up of a unit to produce 1,20,000 tonnes of TLTs per annum. The inputs would be supplied by VSP, the release added.