Rashtriya Ispat Nigam Limited, the corporate entity of Visakhapatnam Steel Plant (VSP), has been conferred ‘Navratna’ status.
At a function held in New Delhi on Tuesday, Minister of Heavy industries and Public Enterprises Vilasrao Deshmukh handed over the certificate of recognition to PK Bishnoi, chairman and managing director of VSP.
The company had become a miniratna (Category-I) in 2006.
The empowerment comes at a time when VSP is in advanced stage of completion of its ongoing expansion costing Rs 12,500 crore and looking for the next phase of expansion by another 4 million tonnes of liquid steel per annum at a cost of around Rs 20,000 crore, a VSP release said.
The company board will now be able to take decisions faster to unleash its full potential for which company has already drawn plans to grow to 20 million tonnes of liquid steel per annum by 2020.