Govt to invest Rs1,000-cr to revive Visvesvaraya Iron and Steel Ltd
21 Aug 2015
The government proposes to revive VISL Karnataka a unit of Steel Authority of India Limited (SAIL) by modernisation and expansion of its facilities with an investment of Rs1,000 crore, minister of steel and mines Narendra Singh Tomar said.
The Visvesvaraya Iron & Steel Plant (VISL), in Bhadravati, Karnataka, is a pioneer in the production of alloy and special steels. The plant has a wide customer base, which includes defence, railways, automobile, engineering sector and tool making industry.
''The ministry is trying to ensure availability of raw material to VISL and once that is done, the government intends to revive VISL by modernisation and expansion of its facilities with an investment of Rs1,000 crore.'' Tomar said.
However, he said, the proposed 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 government to allot 140 Ha at NEB range Sandur Taluk, Bellary district to VISL, as soon as the case pending in the high court is settled.''
The minister said he had discussed the issue of allotment of mines, including 240 Ha of iron ore mines in the Ramanadurga area, to SAIL (VISL) for iron ore security issue twice with the state chief minister.
The CM had assured to actively consider the matter on priority basis, he added.
The minister also met representatives of executive association and employee unions.
Their main demand was that SAIL should make investment to revive the VISL steel plant.
Visvesvaraya Iron and Steel Plant, established by Bharat Ratna Sir M Visvesvaraya, started operation in the year 1923.
