Disinvestment process of RINL in progress: Steel ministry
New Delhi: There is no freeze on the disinvestment process of RINL, The Ministry of Steel clarified on Friday.
Clarifying some media reports regarding the hold on the disinvestment process of RINL, the Ministry of Steel said that the disinvestment process of RINL is in progress.
"Efforts are being made by the company and supported by the government to improve the performance of RINL and keep it as a going concern," it added.
The steel plant situated in Visakhapatnam, Andhra Pradesh, with an annual capacity of around 7 MT is owned and operated by Rashtriya Ispat Nigam under the Ministry of Steel.
RINL's Vizag steel plant is notable for being the first shore-based plant in India where a range of special products is produced.
On January 27, 2021, the Cabinet Committee on Economic Affairs gave its 'in-principle' nod for the strategic disinvestment by way of privatisation of RINL, also known as Visakhapatnam Steel Plant or Vizag Steel, along with RINL's stake in its subsidiaries and joint ventures, thus leading to 100 percent disinvestment of the government's stake.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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