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.
Also read: Tata Steel shows inclination towards RINL acquisition
