New Delhi, Jan 16 (IANS) State-run steel maker Rashtriya Ispat Nigam Limited (RINL) will invest Rs.42,000 crore to expand and modernise its Visakhapatnam facility and other projects in Andra Pradesh.

The company signed a memorandum of understanding (MoU) with the state government during last week’s Partnership Summit 2012 in Hyderabad.

“With this (MoU), RINL emerged as the number one company, as far as the investments are concerned, in Andhra Pradesh. This (MoU) will give a big boost to the industrial development of the state, particularly the Visakhapatnam region,” the steel ministry under which RINL operates said in a statement Monday.

According to the MoU, the state government will facilitate allotment of iron ore mines, supply of water and power to RINL on a priority basis, said statement.