Sri Madhusudan, managing director of Indian state-run steelmaking and mining company Rashtriya Ispat Nigam Limited (RINL), has said that the company has an ambitious plan to achieve a turnover of around INR 200 billion ($3.3 billion) in the financial year 2014-15, while it is targeting a progressive increase to INR 300 billion ($4.9 billion) by the financial year 2016-17.
The RINL managing director pointed out that the company achieved a finished steel sales volume of over 3 million mt in the financial year 2013-14 ending March 31, 2014, despite the sluggish market conditions, adding that the company is targeting a finished steel sales volume of 4.42 million mt in the financial year 2014-15, growing by 46 percent year on year.
Sri Madhusudan said that, during the 12th five-year plan period (2012-17), the Indian government earmarked INR 500 billion ($8.25 billion) for infrastructure projects and has already cleared several projects within this scope, which bodes well for the domestic steel market, particularly for long steel products.
