Visvesvaraiya Iron and Steel Works Ltd. (VISL) was initially known as the Mysore Iron and Steel Works. The foundation stone for the plant was laid in 1923 and it was set up with the assistance of the British Government. Sir M. Visvesvaraya played a pivotal role in the establishment and early development of the plant, which was intended to cater to the growing demand for iron and steel in the country.

Over the years, the plant has undergone various modernization efforts to keep up with technological advancements and global standards. It has contributed significantly to the industrial and economic growth of the region and the country as a whole. The plant produces a diverse range of products including alloy and non-alloy steel, special steels, pig iron, and more. It has played a crucial role in supplying steel for various critical sectors such as infrastructure, construction, and manufacturing. 

THEREFORE THE CORRECT OPTION IS [3].