RINL keen on taking 20% stake in mining SPV in Odisha

Kolkata: Rashtriya Ispat Nigam Ltd (RINL) has expressed interest in picking up 20 per cent stake in mining Special Purpose Vehicle(SPV) meant for the proposed ultra-mega steel plant(UMSP) in Odisha.

"We are seeking to take 20 per cent stake in the mining SPV," RINL CMD P Madhusudan said at a MCC Chamber of Commerce and Industry event.

Two SPVs are proposed to be created for the ultra-mega steel plant to be set up in Odisha out of which one will be for mining and another for the steel plant.

Initially, Odisha Mining Corporation and NMDC Ltd were supposed to be partners for the mining SPV.

Madhusudan said, the finer details would be finalised only after the MoU is signed.

The MoU was under active consideration from all the stakeholders, he added.

Meanwhile, RINL will also be taking up stake in the steel SPV along with Industrial Development Corporation Orissa Ltd.