India’s Minister of State for Steel Mr Faggan Singh Kulaste confirmed in Rajya Sabha that the government has received various representations to merge RINL with SAIL or NMDC. To a question that if any representations from political parties and others have been received by the government to merge RINL either with Steel Authority of India Ltd or National Mineral Development Corporation, the minister replied in affirmative.The minister also said that there are no plans of RINL raising funds through an initial public offering and issuing of government bonds for collateral-free loans.Media reports say that BJP’s Rajya Sabha member Mr GVL Narasimha Rao has appealed to the Union Minister of Steel Mr Jyotiraditya Madhavrao Scindia to provide financial assistance to RINL Visakhapatnam Steel Plant. Mr Narasimha Rao said that “All the key issues related to the Visakhapatnam Steel Plant were brought to the notice of the Steel Minister with the intention of protecting the steel plant from financial crisis as well as loan facility for the plant, wage revision to the workers and restarting of the third furnace, which remained shut due to lack of oxygen supply.”Indian government is working out the transaction structure for the strategic sale of Visakhapatnam-based RINL, having a capacity of over 7 million tonne per annum. At present, Rashtriya Ispat Nigam Ltd has strength of 4,875 executives and 10,005 non-executive employees,.
India’s Minister of State for Steel Mr Faggan Singh Kulaste confirmed in Rajya Sabha that the government has received various representations to merge RINL with SAIL or NMDC. To a question that if any representations from political parties and others have been received by the government to merge RINL either with Steel Authority of India Ltd or National Mineral Development Corporation, the minister replied in affirmative.The minister also said that there are no plans of RINL raising funds through an initial public offering and issuing of government bonds for collateral-free loans.Media reports say that BJP’s Rajya Sabha member Mr GVL Narasimha Rao has appealed to the Union Minister of Steel Mr Jyotiraditya Madhavrao Scindia to provide financial assistance to RINL Visakhapatnam Steel Plant. Mr Narasimha Rao said that “All the key issues related to the Visakhapatnam Steel Plant were brought to the notice of the Steel Minister with the intention of protecting the steel plant from financial crisis as well as loan facility for the plant, wage revision to the workers and restarting of the third furnace, which remained shut due to lack of oxygen supply.”Indian government is working out the transaction structure for the strategic sale of Visakhapatnam-based RINL, having a capacity of over 7 million tonne per annum. At present, Rashtriya Ispat Nigam Ltd has strength of 4,875 executives and 10,005 non-executive employees,.
