New Delhi [India], March 22 (ANI): The Government of India has approved an injection of Rs 11,440 crore as Equity/ Preference Capital RINL , to maintain the functioning of RINL And to maintain it as an ongoing entity, a press release was issued by Ministry of Steel said.
The company has concentrated on enhancing techno-economic performance, optimizing capacity usage, and streamlining fixed costs among others to boost operational efficiency. The update noted this alignment with the goals set forth in the National Steel Policy from 2017.
The details were provided in writing to the Rajya Sabha by Shri Bhupathiraju Srinivasa Varma, the Minister of State for Steel and Heavy Industries.
In January of this year, Union Minister Ashwini Vaishnaw unveiled a revitalization package worth Rs 11,440 crore. Visakhapatnam The choice regarding the steel plant was determined during a cabinet meeting led by Prime Minister Narendra Modi.
This comprehensive package totaling Rs 11,440 crore includes an injection of new equity amounting to Rs 10,300 crore and the conversion of working capital loans into preferred share capital valued at Rs 1,140 crore.
"With this, all the staff members of RINL in addition to everyone involved in economic endeavors RINL Will greatly benefit, and Andhra Pradesh will see a significant revival of its steel plant in the near future. RINL "Two glass furnaces will begin operations soon, and by August, plans are in place to activate all three glass furnaces," stated Union Minister Ashwini Vaishnaw following the cabinet meeting.
Rashtriya Ispat Nigam Limited ( RINL ), the business organization of Visakhapatnam Steel Plant (VSP), is a Navratna company under the Ministry of Steel .
Visakhapatnam The Steel Plant stands as the initial shoreline-based Integrated Steel Plant in India. This facility specializes in producing long steel items and meets the demands of industries such as construction, infrastructure development, manufacturing, and automobiles.
A reviving plan has been a longstanding request from the citizens of Andhra Pradesh and particularly those employed at the steel plant, stated Union Minister K Ram Mohan Naidu, who hails from the same state. (ANI)
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