Synopsis
The CCEA approved an Rs 11,440 crore revival plan for RINL, including Rs 10,300 crore in fresh equity. RINL aims to achieve peak steel production capacity and liquidate outstanding dues of Rs 35,000 crore. Additionally, the Steel Ministry proposes merging KIOCL with NMDC and considers integrating RINL into SAIL in the future. ANI The Cabinet Committee on Economic Affairs (CCEA) has approved an Rs 11,440 crore revival plan for Rashtriya Ispat Nigam Limited (RINL). Officials aware of the development said there will be a fresh equity infusion of Rs 10,300 crore to revive the project. Speaking to journalists, Union Steel Minister H D Kumaraswamy said plans to merge KIOCL with NMDC are underway. Besides, a call to merge RINL into Steel Authority of India Limited (SAIL) will be taken in the future.
“RINL will achieve 14,000 metric tonne steel production in January and aim to achieve 92.3% of installed production capacity in the near future,” Kumaraswamy said Friday. RINL can produce roughly 7.3 million tonnes per annum (MTPA) of steel at peak capacity.
Two blast furnases of RINL will begin operations in January itself while another will start running by August 2025, he added.
The infusion includes conversion of Rs 1,140 crore working capital loan as 7% Non-cumulative Preference Share Capital redeemable after 10 years to ke
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