ArcelorMittal Nippon Steel likely to bid for RINL acquisition
Steel

ArcelorMittal Nippon Steel likely to bid for RINL acquisition

ArcelorMittal Nippon Steel (AM/NS) is planning to bid for acquisition of steelmaker Rashtriya Ispat Nigam Limited (RINL), in which domestic giant Tata Steel has already expressed its interest.

Rashtriya Ispat Nigam Limited (RINL) is a special steel-making company in Visakhapatnam, Andhra Pradesh. The company operates a 7.3 million tonne (MT) steel plant in the state under the administrative control of the Ministry of Steel.

A source told the media that AM/NS India is exploring that option when asked if the company would be interested in disinvestment-bound RINL.

TV Narendran, Tata Steel CEO and MD, told the media that his company is interested in obtaining RINL because the plant is situated strategically on the eastern coast, and acquiring it would give them more access to the Southeast Asian markets, where the company already has a presence.

The Cabinet Committee on Economic Affairs (CCEA) gave in-principle approval for 100% disinvestment of government stake in RINL and the company's stake in joint ventures/subsidiaries through strategic disinvestment by way of privatisation on January 27.

AM/NS India informed in a tweet on Thursday that industrialist Lakshmi N Mittal is meeting Nirmala Sitharaman, the Finance Minister, in New Delhi.

Mittal is the Executive Chairman of the parent company of ArcelorMittal Nippon Steel India (ANMS), Luxembourg-headquartered ArcelorMittal, which is planning to expand its operations in India through greenfield and brownfield routes.

The 60:40 joint venture company between ArcelorMittal and Nippon Steel of Japan is AM/NS India.

Image Source


Also read: Tata Steel shows inclination towards RINL acquisition

ArcelorMittal Nippon Steel (AM/NS) is planning to bid for acquisition of steelmaker Rashtriya Ispat Nigam Limited (RINL), in which domestic giant Tata Steel has already expressed its interest. Rashtriya Ispat Nigam Limited (RINL) is a special steel-making company in Visakhapatnam, Andhra Pradesh. The company operates a 7.3 million tonne (MT) steel plant in the state under the administrative control of the Ministry of Steel. A source told the media that AM/NS India is exploring that option when asked if the company would be interested in disinvestment-bound RINL. TV Narendran, Tata Steel CEO and MD, told the media that his company is interested in obtaining RINL because the plant is situated strategically on the eastern coast, and acquiring it would give them more access to the Southeast Asian markets, where the company already has a presence. The Cabinet Committee on Economic Affairs (CCEA) gave in-principle approval for 100% disinvestment of government stake in RINL and the company's stake in joint ventures/subsidiaries through strategic disinvestment by way of privatisation on January 27. AM/NS India informed in a tweet on Thursday that industrialist Lakshmi N Mittal is meeting Nirmala Sitharaman, the Finance Minister, in New Delhi. Mittal is the Executive Chairman of the parent company of ArcelorMittal Nippon Steel India (ANMS), Luxembourg-headquartered ArcelorMittal, which is planning to expand its operations in India through greenfield and brownfield routes. The 60:40 joint venture company between ArcelorMittal and Nippon Steel of Japan is AM/NS India. Image Source Also read: Tata Steel shows inclination towards RINL acquisition

Next Story
Technology

We’re building robots that flow, not just move

Founded in 2021, Flo Mobility is reimagining construction automation with vision-AI robots designed for seamless movement through complex sites. In conversation with CW, Manesh Jain, Founder & CEO, discusses the company’s origin, its LiDAR-free tech stack, and expansion plans in the Middle East and US.What inspired the name Flo Mobility? Why ‘Flo’ and not ‘Flow’?When we started the company in 2021, our focus was on building autonomous navigation systems for robots. Since our work centred around robot movement, ‘mobility’ naturally became part of the name. We wanted to co..

Next Story
Real Estate

We’re committed to setting benchmarks in sustainable luxury living

From a landmark land acquisition in Boisar to ambitious launches across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune, Birla Estates is driving future-ready growth with a strong focus on sustainability, partnerships and premium living, firmly anchored in its LifeDesigned® philosophy. K T Jithendran, Managing Director & CEO, outlines the company’s premium, sustainable growth playbook in conversation with PRATAP PADODE, Editor-in-Chief, CW. Excerpts:Birla Estates recently acquired a 70.92-acre land parcel in Boisar, Maharashtra, for..

Next Story
Infrastructure Urban

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?