Cabinet Approves Revival Plan For Rashtriya Ispat Nigam Ltd
The Cabinet Committee on Economic Affairs has approved the revival plan for Rashtriya Ispat Nigam Ltd. (RINL) at a total of Rs 114.4 billion, according to an official press release. For RINL, the infusion consists of Rs 103 billion in equity capital and the conversion of a Rs 11.4 billion working capital loan into 7% non-cumulative preference share capital that can be redeemed after ten years to maintain RINL's viability. As a Schedule-A CPSE, RINL is owned entirely by the Government of India and is administered by the Ministry of Steel. The only government-owned offshore steel facility in the state of Andhra Pradesh is the Visakhapatnam Steel Plant, which is run by RINL. It can hold 7.3 Mtpa of liquid steel when installed.
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