Rashtriya Ispat Nigam Ltd plans to set up a high-end seamless tube plant at a cost of Rs 2,000 crore. The unit, with a four lakh tonnes per annum seamless tube installed production capacity, would be set up at the Vishakhapatnam unit of RINL. The products will include line pipes, casing pipes, boiler tubes and coupling pipes which are in demand in oil exploration, refining, petrochemical and automobile sectors and will be set up by mid 2014.
RINL is in talks with BHEL and ONGC for floating a joint venture for the purpose.
The shareholding pattern of the joint venture is yet to be finalised, but its likely that RINL would have a majority stake in the venture.