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.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..