Cabinet Approves Revival Plan for Rashtriya Ispat Nigam Ltd at Cost Rs 114 Bn

21 Jan 2025 CW Team

The Cabinet Committee on Economic Affairs has approved the revival plan for Rashtriya Ispat Nigam Ltd. (RINL) at a total of Rs 114 billion, according to an official press release. For RINL, the infusion consists of Rs 103 billion in equity capital and the conversion of Rs 114 billiom working capital loan into 7% non-cumulative preference share capital that can be redeemed after ten years to maintain RINL's viability.

As a Schedule-A CPSE, RINL is owned entirely by the Government of India and is administered by the Ministry of Steel. The only government-owned offshore steel facility in the state of Andhra Pradesh is the Visakhapatnam Steel Plant, which is run by RINL. It can hold 7.3 Mtpa of liquid steel when installed.

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