Union Minister Ashwini Vaishnaw said that Prime Minister Narendra Modi has approved a package of Rs 11,440 crore for the revival of Rashtriya Ispat Nigam Limited.
The Minister said, “RINL has a very special position in the entire steel industry. It is one of those plants which is located on the coast of Andhra Pradesh in Vizag. This is a very important Steel Company in the overall Steel sector of the country. With this Revival package, many of the historical legacy problems that RINL used to face will be resolved”.
“Simultaneously a lot of effort is going to be put into securing the raw material for RINL and the modernisation of the plant. In this overall package of Rs 11440, a fresh equity infusion of Rs 10,300 crore is there and the conversion of working capital loan into preferred share capital of Rs 1140 crore. With this, all the employees of RINL, as well as all the people connected with the economic activities of RINL, will be immensely benefited and Andhra Pradesh will have a major steel plant revived in the coming days. Very soon RINL will start functioning with two blast furnaces and by August it is planned to start all the three blast furnaces”, Vaishnaw added.
This is a major revival plan and I thank our Honorable Prime Minister Shri Narendra Modi ji for approving such a huge revival plan for RINL.
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