Financial Daily from THE HINDU group of publications
Friday, Mar 22, 2002
Financial Daily from THE HINDU group of publications Friday, Mar 22, 2002 |
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Corporate
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Outlook RINL signs MoU with Steel Ministry Our Bureau
VISAKHAPATNAM, March 21 RASHTRIYA Ispat Nigam Ltd (RINL) signed a memorandum of understanding for the financial year 2002-03 with the Steel Ministry on Thursday. The MoU was signed by Mr N.N. Khanna, Secretary to the Ministry of Steel, and Dr B.N. Singh, RINL Chairman-cum-Managing Director. As per the MoU, RINL has committed to produce 2.675 million tonnes of saleable steel during the next financial year, which represents a growth of 11 per cent over the target for the current fiscal. Besides, the company has also committed to produce 1.29 lakh tonnes of coal chemicals and generate captive power to the extent of 215 MW. It has targeted a sales turnover of Rs 4,219 crorefor 2002-03. In the current fiscal, RINL's turnover is likely to touch the Rs 4,000-crore mark, while the gross margin and cash profit are likely to surpass Rs 600 crore and Rs 300 crore respectively. As per the MoU for the current fiscal, RINL was given a turnover target of Rs. 3,562 crore.
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