Tata Steel MD Confirms Interest in Bidding for RINL
PTI reported that Tata Steel has evinced interest in taking over Rashtriya Ispat Nigam Limited’s Vizag steel plant. Tata Steel Chief Executive Officer & Managing Director Mr TV Narendran told PTI “Tata Steel is interested in acquiring the RINL and it would file the bid for expression of interest in this regard. Yes! Also, because for inorganic growth for long product opportunities. There is a great opportunity because it is east as well as it is south, it is a coastal plant so there are many advantages.”
The Cabinet Committee on Economic Affairs on January 27 gave its 'in-principle' approval for 100% disinvestment of government stake in RINL along with RINL's stake in its subsidiaries & joint ventures through strategic disinvestment by way of privatisation.
On Tuesday, thousands of workers of Vizag Steel Plant lay siege to the administrative building of the RINL demanding that the Centre revoke the tender notice for privatisation of the steel plant. They threatened to prevent any private company entering the premises to take part in the bidding, the last date for which was originally Tuesday. The Centre, however, deferred the bidding process by some more time.
RINL, under the Ministry of Steel, owns and operates a 7.3 million tonnes plant in Visakhapatnam, Andhra Pradesh. It holds the distinction of being India's first shore-based integrated steel plant. The RINL has approximately 22,000 acre of land and enjoys access to Gangavaram Port, where raw materials such as coking coal etc arrives.