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 (bn), according to an official press release. For RINL, the infusion consists of Rs.103 bn in equity capital and the conversion of a Rs.11.4 bn working capital loan into 7 per cent 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 Union Ministry of Steel. The Visakhapatnam Steel Plant, can hold 7.3 MTPA of liquid steel when installed.

Contact: Rashtriya Ispat Nigam

Website: www.vizagsteel.com