Around 30 companies have submitted bids for the Expression of Interest (EoI) floated by Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant (VSP), to fund its working capital and raw material requirements against the supply of steel. While several multinational companies submitted bids, the Telangana government, which initially showed interest through the Singareni Collieries Company Limited (SCCL), backed out.

The last date for submitting the EoI was April 20, and though the original deadline was April 15, it was extended. The international companies that participated in the bidding included Indo Intertrade AG (Switzerland), Indo International Trading FZCO (Dubai), SB International Inc. (Dallas), Global Soft Pte Ltd. (Singapore), and Vadim Novinnsky Alexanda.

The Indian bidders included Tata International Ltd., JSW Steel Limited, Jindal Steel and Power Limited, Vinar Overseas Pvt. Ltd., TUF Group, and Soorjmull Baijnath Pvt. Ltd., among others. Several local companies submitted bids, but the unions were against them, fearing that they would try to use the Vizag Steel brand to further their own interests at the cost of VSP.

According to CITU leader J. Ayodyaram, who sought first priority for public sector companies and next for foreign companies, 29 companies, including half a dozen foreign companies, participated in the bidding. He said that if the Blast Furnace-3, which was closed for over a year, was restarted, the VSP could achieve a turnover of Rs. 35,000 crore within a year.

Vizag Steel Plant's EoI attracted significant interest from both international and local companies, with 30 bids being filed by the extended deadline. While the unions sought priority for the public sector and foreign companies, several local firms also submitted bids. However, the Telangana government backed out of the bidding process, leaving behind a highly competitive field of bidders.