RINL

The government has infused around Rs 1,650 crore in state-owned RINL, gripped with operational and financial issues, according to an official document. The government is also taking various measures to keep RINL as a going concern, the Ministry of Steel said in a note. "In this regard, the Government of India has infused Rs 500 crore towards equity on September 19, 2024, and a working capital loan of Rs 1,140 crore on September 27, 2024," according to the document. It also said that SBICAPS, a wholly-owned subsidiary of the State Bank of India (SBI), is preparing a report on the sustainability of RINL. "RINL is in serious financial trouble, and the (Steel) Ministry is taking several steps to keep RINL as a going concern in consultation with the Ministry of Finance," it added. Rashtriya Ispat Nigam Ltd (RINL), under the Ministry of Steel, is a steel manufacturing company. It owns a 7.5 million tonne plant at Visakhapatnam in Andhra Pradesh. The company has been facing severe financ

The Centre is awaiting a technical viability report, due November, from a UK-based consulting firm

The government is considering merger of RINL with another state-owned steel company SAIL as one of the options to ensure survival of RINL's plant and resolve the financial and operational issues being faced by the Andhra Pradesh-based steel maker, sources said. To provide capital for continuity of operations at the RINL's steel plant, plans like sale of land parcel to NMDC and bank loans are also being worked out, they told PTI. The DFS secretary, steel secretary and top officials of public sector lender SBI also held a meeting recently over the RINL issue. SBI has significant loan exposure to RINL. "The government wants to provide a permanent solution to the issue. One of the options being discussed is the merger of RINL with SAIL," the sources said. Rashtriya Ispat Nigam Ltd (RINL), under the Ministry of Steel, owns and operates a 7.5 million tonnes plant at Visakhapatnam in Andhra Pradesh. It holds the distinction of being India's first shore-based integrated steel plant. SAIL

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

Andhra Pradesh-based steel maker RINL has sought the state government's intervention to ensure immediate supply of coking coal stuck at Adani Gangavaram Port. The coking coal supply has been stuck since last month due to agitation of workers at AGPL (Adani Gangavaram Port Limited), which is operated by Adani group company Adani Ports and SEZ (APSEZ). In a letter to Visakhapatnam district collector, RINL CMD Atul Bhatt said the operation of the firm is in a highly critical position due to lack of the most essential raw material coking coal which has been stuck at Gangaravam Port since April 12 this year due to agitation of AGPL workers. "We request district administration and police to provide necessary security so that the transportation of critical materials i.e. coal is shifted by RINL peacefully through its own loaders and dumpers," Bhatt said. A query sent to AGPL did not elicit an immediate response. According to Bhatt, more than 1,000 employees of RINL and trade union leader

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.

Jindal Steel Power Ltd on Saturday said its partnership with Rashtriya Ispat Nigam Ltd will ensure the supply of liquid steel to its upcoming hot strip mill at Angul in Odisha. In a statement, JSPL said it has entered into a memorandum of understanding (MoU) with RINL for the operationalisation of the latter's blast furnace-3 (BF-3). "The tie-up with RINL will release additional liquid steel for slab casting and onward rolling into hot rolled coils from JSPL's upcoming state-of-the-art hot strip mill at Angul which is slated for commissioning soon," it said. The blast furnace BF-3 at the RINL plant in Visakhapatnam has been closed since January 2021. The restart of the BF-3 is planned for December 30, 2023, at a capacity of 2 lakh tonnes of hot metal per month. "We extend wishes to the management and employees of RINL for embarking on this partnership," JSPL Managing Director (MD) Bimlendra Jha said. On Friday, RINL said JSPL will provide working capital support or raw material su

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

There is no freeze on the disinvestment process of RINL, the Steel Ministry clarified on Friday. Clarifying some media reports regarding the hold on the disinvestment process of the state-owned steel maker, the ministry, in a statement, said that the disinvestment process of RINL is in progress. "There is no freeze on the disinvestment process of RINL," the statement said. However, efforts are being made by the company to improve the performance of RINL, it added. Under the Ministry of Steel, Rashtriya Ispat Nigam owns and operates a steel plant with an annual capacity of about 7 million tonnes (MT) located at Visakhapatnam in Andhra Pradesh. RINL's Vizag steel plant is the country's first shore-based plant where the company manufactures various special products. The Cabinet Committee on Economic Affairs (CCEA) on January 27, 2021, gave its 'in-principle' approval for 100 per cent disinvestment of the government stake in RINL, also called Visakhapatnam Steel Plant or Vizag Steel

State-owned steel maker RINL is aiming to produce 55,000 wheels in the current financial year to meet the demand from Indian Railways, its CMD Atul Bhatt said. Visakhapatnam-based Rashtriya Ispat Nigam Ltd (RINL) has set up a forged wheel plant at Lalganj, in Uttar Pradesh at an estimated cost of Rs 2,350-crore with a capacity to manufacture one lakh forged wheels per annum. "RINL supplied 2,465 Loco wheels and 2,639 LHB wheels to Railways in FY23. Preliminary Acceptance Certificate (PAC) has been issued for the plant and very soon production will be ramped up to 55,000 wheels in the current fiscal to meet the demand of Railways," he told PTI. The steel maker started supplying wheels in December 2021 when the first consignment of 51 loco wheels was flagged off from its Rae Bareli unit in Uttar Pradesh to the Railways. The targeted 50 per cent utilisation of the plant will significantly reduce the dependence on imports and help the national transporter to source the Made in India ..

In a first, state-owned Rashtriya Ispat Nigam Ltd (RINL) is exploring a business model wherein it will supply finished steel products to companies which will either fund its working capital or supply one or more raw materials. RINL has invited expressions of interest from companies which have interests in steel and steel-making raw materials to partner with it for the supply of steel. In the notice, RINL said that the potential partner may participate by way of supplying one or more key raw materials like coking coal /BF coke, iron ore, and in turn take steel products as per mutually agreed terms and conditions. The potential partner may fund working capital and in turn, take steel products as per mutually agreed terms and conditions. The notice stated that the interested party must be in the business of steel making or raw materials used in the manufacturing of steel. The last date to submit the EOIs is April 15, 2023. The EOIs will be accepted through both physical and online ...

State-owned companies marked out for divestment are attractive assets, he says in interview

The government is working out the transaction structure for the strategic sale of RINL or Vizag Steel, DIPAM Secretary Tuhin Kanta Pandey said on Friday. The Cabinet Committee on Economic Affairs had in January 2021 given in-principle approval for 100 per cent strategic disinvestment of the government shareholding in Rashtriya Ispat Nigam Limited (RINL) -- also called Visakhapatnam Steel Plant or Vizag Steel -- along with RINL's stake in its subsidiaries/joint ventures. "The in-principle approval is there. We are going forward in working out the transaction structure," the Department of Investment and Public Asset Management Secretary said at the CII Global Economic Policy Summit. Department of Investment and Public Asset Management (DIPAM), which manages the government's equity in public sector companies, earlier in March floated the request for proposal (RFP) for appointing an asset valuer registered with the Insolvency and Bankruptcy Board of India (IBBI) to carry out the valuati

Visakhapatnam-based RINL has supplied 1,800 tonnes of structural steel to AMNS India for its expansion project in Hazira, Gujarat. On October 28, the Gujarat-based steel maker AMNS India kicked off the Rs 60,000-crore expansion project to scale up the capacity of its steel plant to 15 million tonnes (MT) from about 9 MT at present. "#RINL Ahmedabad & @larsentoubro officials flagged off first consignment of structural steel (1800 tons) to ArcelorMittal Nippon Steel, Hazira for the expansion project," Rashtriya Ispat Nigam Limited (RINL) said in a Tweet. Structural steel is a type of steel used for making construction materials. Under the Ministry of Steel, RINL is among the top six steel producers in the country with an annual capacity of about 7.5 million tonnes. ArcelorMIttal Nippon Steel (AMNS) India is a joint venture (JV) company of Luxembourg-based ArcelorMittal and Nippon Steel of Japan. In 2019, the two companies completed the acquisition of the Essar Steel Limited plant .

After an entry into the cement sector by acquiring Ambuja Cement and ACC, Adani Group is now eyeing the steel sector with a focus on green energy

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

Thousands of workers of state-owned RINL and NMDC boycotted work for a second day on Tuesday as part of the nationwide strike, affecting steel production and mining operations, a union leader said.

About 35,000 workers of state-owned SAIL, RINL and NMDC continued to boycott work on Tuesday as part the nationwide strike, affecting production at steel plants and mines.