RINL strategic sale: Govt extends bid submission deadline

29 Jul 2021 CW Team

The government has extended the deadline for merchant bankers and legal experts to submit bids for overseeing the strategic sale of Rashtriya Ispat Nigam Ltd (RINL) until August 17.

The deadline for submitting proposals had previously been set for July 28.

The Department of Investment and Public Asset Management (DIPAM) issued a Request for Proposal (RFP) on July 7 in order to hire transaction and legal consultants.

To provide DIPAM with advisory services and manage the strategic disinvestment of the stock of government in RINL, as well as its stake in its subsidiaries and joint ventures, the government would hire one transaction adviser from among reputable merchant bankers or consulting firms.

It would also appoint a law firm to serve as a legal advisor for the transaction.

The Cabinet Committee on Economic Affairs (CCEA) approved in principle the complete disinvestment of the government stake in RINL, also known as Visakhapatnam Steel Plant or Vizag Steel, as well as its stake in its subsidiaries or joint ventures via strategic disinvestment using privatisation on January 27.

For the fiscal year 2021, the government has set a goal of Rs 1.75 lakh crore in disinvestment.

The government intends to complete the strategic sale of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corp, Container Corporation, Neelachal Ispat Nigam Ltd, Pawan Hans, and Air India, among others, by March 2022 as part of its privatisation strategy.

Image Source

Infrastructure Energy

09 Mar 2026

BMW Industries partners with IOCL for PNG supply at Bokaro plant

BMW Industries has entered into a strategic partnership with Indian Oil Corporation (IOCL) for the supply of Piped Natural Gas (PNG), reinforcing its commitment to adopting cleaner and more efficient energy sources for its operations.The agreement was signed at the Eastern Region Pipelines (ERPL) headquarters in Kolkata. The partnership is expected to support the company’s upcoming manufacturing facility in Bokaro by facilitating the use of natural gas as a primary energy source.According to the company, the adoption of PNG will help enhance operational efficiency while also contributing to ..

Bombay Realty Secures RERA for Three ICC Tower in South Mumbai

Bombay Realty, the real estate arm of Bombay Dyeing and part of the Wadia Group, has received Real Estate Regulatory Authority (RERA) certification for Three ICC – Wing A, the latest luxury residential tower at Island City Center in Mumbai’s Dadar.The RERA registration marks a key milestone in the development timeline and reinforces the company’s focus on regulatory transparency, timely project delivery, and high construction standards.Following the success of One ICC and Two ICC, the upcoming Three ICC tower represents the next phase of the Island City Center development. The project ai..

Flender launches India’s largest wind gearbox test rig in Walajabad

Flender has inaugurated a 13.5 MW wind turbine gearbox test rig at its Walajabad facility near Chennai, marking the largest installation of its kind in India. The new facility is expected to strengthen the company’s manufacturing and testing capabilities while supporting the growing demands of the wind power sector in both domestic and global markets.The test rig was inaugurated on March 5 in the presence of Andreas Evertz, Group CEO, Flender; Lars Wiegemann, Vice President Wind Gears, Flender; and Vinod Shetty, CEO, Flender India, along with key industry customers and stakeholders.The insta..