Government Grants Rs.1,640 Crore Bailout to RINL

04 Nov 2024 CW Team

The Indian government has stepped in to support Rashtriya Ispat Nigam Limited (RINL) with an initial bailout package of Rs.1,640 crore to prevent its closure amid severe financial struggles.

RINL, India's largest shore-based steel producer and the corporate entity of the Vizag Steel Plant, has been facing mounting debts, with accumulated losses impacting its operations and sustainability.

The bailout aims to ensure RINL can meet immediate operational needs and address financial obligations while the government assesses long-term restructuring and revitalization strategies.

Officials stated that the move is crucial to safeguard jobs and maintain steel production, given RINL’s significant contribution to India's steel industry.

Additionally, discussions are ongoing regarding strategic disinvestment to attract private investment, which may provide a sustainable path forward for RINL.

The bailout highlights the government's commitment to supporting public sector enterprises vital to the nation’s industrial base.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Infrastructure Transport

06 Jul 2026

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Infrastructure Transport

06 Jul 2026

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..