Rashtriya Ispat Nigam Ltd

During the current year, RINL's total liabilities have risen to over Rs 35,000 crore, with defaults on its loan repayment and interest payment

The Union Cabinet has approved a Rs 11,440 crore revival plan for debt-laden Rashtriya Ispat Nigam Ltd (RINL), according to a statement released on Friday. The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved the revival plan for RINL for Rs 11,440 crore, it added. The infusion includes Rs 10,300 crore as equity capital into RINL and conversion of Rs 1,140 crore working capital loan as 7 per cent non-cumulative preference share capital redeemable after 10 years to keep RINL as a going concern, the official statement said. With this revival package, many of the legacy problems that RINL used to face will be resolved, Information and Broadcasting Minister Ashwini Vaishnaw said. The equity infusion of Rs 10,300 crore into RINL will help it overcome the operational problems related to raising working capital and start blast furnace operations in the most productive way, the statement said. The revival package would allow the company t

The request to finance ministry is to help RINL continue as a going concern

RINL's liquidity is poor because of low-to-negative EBITDA generation against its significantly high debt repayment obligations

The Rashtriya Ispat Nigam Ltd (RINL), which is also known as Vizag Steel Plant, on Saturday restarted its Blast Furnace-3 (BF-3) to raise hot metal production by 2 million tonne per annum. The added capacity will also enable the steel plant to clock increased sales turnover of Rs 500 crore per month. "The RINL has shown the world how to produce the best quality steel in spite of raw material crunch. This day is a historic day in the history of RINL as we have lit up the BF-3," said its chairman and managing director, Atul Bhatt, in a press release. Named 'Annapurna', symbolising abundance and prosperity, Bhatt exuded confidence that BF-3 would bring prosperity to the steel plant located in the port city. He was accompanied by other officials. The lighting up of BF-3 is aimed at reviving the fortunes of Vizag Steel Plant and rejuvenating its operations. The BF-3 has been down since January 2022 due to raw material shortage, said a steel plant official to PTI.

Rs 3,000-4,000 crore expected from sales

Invites industry to set up domestic manufacturing facility at estimated cost of Rs 1,000 crore

Public sector undertakings (PSUs) in non-strategic sectors shall be considered for privatisation, or they shall be closed, said Minister of State Finance Bhagwat Karat in Rajya Sabha.

The last date to submit bids is July 27, 2022 before 10:30 a.m, the Visakhapatnam-based steel PSU said

Around 8,000 workers of Rashtriya Ispat Nigam Ltd (RINL) did not report for work on Monday, affecting production at the company's 7.5 million tonnes-steel plant in Visakhapatnam, Andhra Pradesh.

Atul Bhatt has been appointed as chairman and managing director (CMD) of disinvestment-owned steel company Rashtriya Ispat Nigam Ltd (RINL), according to an official notification.

Among the upcoming assets, Tata Steel is keen on participating in the bidding process for RINL

Domestic steel giant Tata Steel is interested in acquiring state-owned Rashtriya Ispat Nigam Limited (RINL), the company's Chief Executive Officer (CEO) and Managing Director T V Narendran said.

The government currently holds 100 per cent stake in the maker of crude steel.

Shortage of iron ore, spike in input costs are the major impediments

Though the exact figure for semi-finished exports to China is not known, steel producers say a bulk would have gone to China.

Last year in October, RINL had unveiled plans to produce 1 million tonne of special steel during 2017-18 with an eye on higher market share in the segment