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Cabinet Approves revival OF Rashtriya Ispat Nigam

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The Cabinet Committee on Economic Affairs (CCEA), chaired by Hon. Prime Minister Shri Narendra Modi on 17 January approved the revival plan for RINL for a total of Rs 11,440 crores.

The infusion includes 10,300 crore as equity capital into Rashtriya Ispat Nigam Ltd. (RINL) and Conversion of 1140 crore working capital loan as 7% Non-cumulative Preference Share Capital redeemable after 10 years to keep RINL as a going concern.

RINL is a Schedule–A CPSE under the administrative control of Ministry of Steel with 100% ownership of Government of India. RINL operates the Visakhapatnam Steel Plant (VSP), the only offshore steel plant under Government sector in the state of Andhra Pradesh. It has an installed capacity of 7.3 Mtpa of liquid steel.