A non-binding MoU signed in October 2019, says Dharmendra Pradhan
Referring to a question by Rajya Sabha member whether POSCO and Hyundai are planning to set up a greenfield steel plant at an estimated cost of ₹30,000 crore on the premises of the RINL in Visakhapatnam, Union Steel Minister Dharmendra Pradhan said that POSCO has evinced interest to set up a steel plant in Visakhapatnam on RINL’s land. He said that a non-binding MoU has been signed in October 2019, between the RINL and the POSCO.
Shareholding pattern
Thereafter, a joint working group has been formed for exchange of information. However, shareholding pattern has not been determined at this stage. But as per the MoU, Posco has wished to have at least 50% shareholding while the shareholding of RINL would be worked out on the basis of valuation of the RINL’s in kind contribution of the land for setting up of the plant.