RINL plans Rs 20,000 crore Saudi Arabia steel joint venture  PTI
Jun 11, 2012, 05.35PM IST  NEW DELHI: State-owned Rashtriya
Ispat Nigam Ltd (RINL) is looking at Saudi Arabia for setting up
a 3 mtpa steel plant as a joint venture with local major Rajhi
Steel at an investment of Rs 20,000 crore.  "RINL is in talks
with Rajhi Steel for a three million tonnes per annum plant in
Saudi Arabia. The integrated plant would produce both long and
flat products. RINL has forwarded non-disclosure agreement for
signing," a source close to the development told reporters.  The
gas-based plant would require Rs 20,000 crore to set up which
would be shared in the ratio of shareholding between the two
parties, and take five years to go on stream from the start of
construction. The shareholding and other matters would be
decided in the days to come, he added.  The Riyadh-based Rajhi
Steel has over 3 mtpa capacity now and sells most of its produce
within the country, which is the fastest-moving steel consuming
market in the Middl