YO Vizag reported that India’s Union Minister of Steel Mr Ramachandra Prasad Singh has conveyed the Central Government’s stance in a written reply to the questions of the MPs raised in both the houses during the ongoing winter session of the Parliament. Steel Minister noted that Visakhapatnam Steel Plant privatization is a policy decision of the Union Government and is one amongst the other manufacturing units PSUs that are being privatized. He added that privatization would lead to major big players investing in the steel sector and this, in turn, will lead to growth in job opportunities. The Central Government decided to divest 10% of its stake via Initial Public Offering, which eventually did not materialize. After which, government decided to privatize 100% of its holdings. On 27 January 2021, the Cabinet Committee on Economic Affairs gave in principle the approval to privatize Rashtriya Ispat Nigam Limited. On 4 February 2021, the Union Cabinet finalized the privatization. Department of Investment and Public Asset Management website lists RINL under “EOI in Pipeline. On 7 July 2021, the Central Government invited tenders from merchant bankers and legal advisors to execute strategic privatization. History of RINL - The decision to establish a Steel Plant at Visakhapatnam was announced in the Parliament in 1970 by the then Prime Minister Late Ms Indira Gandhi. The foundation stone for this massive project was laid in 1971. The Detailed Project Report was prepared in 1977. However, it was only in 1979 with the Government of erstwhile Soviet Union offering techno-economic cooperation, the cabinet approved the proposal for setting up of an integrated Steel Plant at Visakhapatnam. Following this, the comprehensive Revised Detailed Project Report was prepared adopting latest technologies available. However, the journey of Vizag Steel has not been very smooth. 22 long years between conception and commissioning resulted in an increase of project cost to over INR 8,500 crores. Visakhapatnam Steel Plant was initially set up with a rated capacity of 3.4 million tonnes of Hot Metal, 3.0 million tonnes of Liquid Steel and 2.7 million tonnes of Saleable Steel. RINL has completed the first phase of expansion to increase Hot Metal capacity to 6.5 million tonnes, Liquid Steel to 6.3 million tonnes & Saleable Steel to 5.7 million tonnes. RINL has started second phase of expansion to increase Liquid Steel capacity to 7.3 million tonnes by modernization & up gradation of existing iron & steel making units
YO Vizag reported that India’s Union Minister of Steel Mr Ramachandra Prasad Singh has conveyed the Central Government’s stance in a written reply to the questions of the MPs raised in both the houses during the ongoing winter session of the Parliament. Steel Minister noted that Visakhapatnam Steel Plant privatization is a policy decision of the Union Government and is one amongst the other manufacturing units PSUs that are being privatized. He added that privatization would lead to major big players investing in the steel sector and this, in turn, will lead to growth in job opportunities. The Central Government decided to divest 10% of its stake via Initial Public Offering, which eventually did not materialize. After which, government decided to privatize 100% of its holdings. On 27 January 2021, the Cabinet Committee on Economic Affairs gave in principle the approval to privatize Rashtriya Ispat Nigam Limited. On 4 February 2021, the Union Cabinet finalized the privatization. Department of Investment and Public Asset Management website lists RINL under “EOI in Pipeline. On 7 July 2021, the Central Government invited tenders from merchant bankers and legal advisors to execute strategic privatization. History of RINL - The decision to establish a Steel Plant at Visakhapatnam was announced in the Parliament in 1970 by the then Prime Minister Late Ms Indira Gandhi. The foundation stone for this massive project was laid in 1971. The Detailed Project Report was prepared in 1977. However, it was only in 1979 with the Government of erstwhile Soviet Union offering techno-economic cooperation, the cabinet approved the proposal for setting up of an integrated Steel Plant at Visakhapatnam. Following this, the comprehensive Revised Detailed Project Report was prepared adopting latest technologies available. However, the journey of Vizag Steel has not been very smooth. 22 long years between conception and commissioning resulted in an increase of project cost to over INR 8,500 crores. Visakhapatnam Steel Plant was initially set up with a rated capacity of 3.4 million tonnes of Hot Metal, 3.0 million tonnes of Liquid Steel and 2.7 million tonnes of Saleable Steel. RINL has completed the first phase of expansion to increase Hot Metal capacity to 6.5 million tonnes, Liquid Steel to 6.3 million tonnes & Saleable Steel to 5.7 million tonnes. RINL has started second phase of expansion to increase Liquid Steel capacity to 7.3 million tonnes by modernization & up gradation of existing iron & steel making units
