RINL eyes 48% sales revenue rise in FY15

Company says sales turnover would progressively increase to Rs 30,000 crore by FY17

Public sector steel firm Rashtriya Ispat Nigam Limited (RINL) is looking at 48% rise in its sales revenue at Rs 20,000 crore in the current financial year, company's Chairman & Managing director P Madhusudan said.

He also said the sales turnover would progressively increase to Rs 30,000 crore by FY17.

The company aims to achieve 4.425 million tonnes sales volume in the current fiscal.

RINL had a sales volume of more than 3 million tonnes in the last financial year despite the sluggish demand environment, he said.

Madhusudan pointed out that during the 12th Plan, the government earmarked Rs 50,000 crore for infrastructure projects and already cleared several projects that will augur well for domestic steel market.

Director (Commercial) of RINL, T K Chand, said FY15 would be the turnaround year for the steel industry.

He also said RINL is giving a major thrust to exports particularly to Middle East and African countries due to freight advantage.