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.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Rishab Shetty's Kantara Chapter 1 roars in box office on opening day
Five Pakistan fighter jets were shot down during Operation Sindoor, claims IAF chief
Ex-Pakistan captain Sana Mir says her controversial 'Azad Kashmir' remark was 'blown out of proportion'
KL Rahul slams century, India take comfortable lead over West Indies
