Govt injects Rs 16.50 billion into RINL to ensure its sustainability

05 Nov 2024 CW Team

The government has invested approximately Rs 16.50 billion in the state-owned Rashtriya Ispat Nigam (RINL), which is currently facing operational and financial challenges, as stated in an official document. The Ministry of Steel mentioned in a note that it is implementing various measures to ensure RINL remains a viable entity.

The document indicated that on September 19, 2024, the Government of India infused Rs 5 billion as equity and subsequently provided a working capital loan of Rs 11.40 billion on September 27, 2024.

Furthermore, it noted that SBICAPS, a wholly-owned subsidiary of the State Bank of India (SBI), is preparing a report assessing the sustainability of RINL.

According to the document, RINL is experiencing severe financial difficulties, prompting the Ministry of Steel to undertake several initiatives in collaboration with the Ministry of Finance to keep the company operational.

RINL, operating under the Ministry of Steel, is a steel manufacturing entity that operates a 7.5 million tonne plant located in Visakhapatnam, Andhra Pradesh. The company has been grappling with significant financial and operational issues.

As of October 2028, two of the three blast furnaces were shut down, with the second furnace being reactivated after approximately 4 to 6 months. RINL's overall outstanding dues have exceeded Rs 350 billion. In January 2021, the Cabinet Committee on Economic Affairs (CCEA) granted 'in-principle' approval for the complete disinvestment of the government's stake in RINL, also known as Visakhapatnam Steel Plant or Vizag Steel, including RINL's stakes in its subsidiaries and joint ventures through strategic disinvestment and privatisation. This decision has met with opposition from workers' unions, which argue that RINL's lack of access to captive iron ore mines is a significant factor contributing to the company's crisis.

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