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Cabinet approves Rs 11,440 crores revival plan for RINL
RINL is a Schedule–A CPSE under the administrative control of Ministry of Steel with 100% ownership of Government of India. RINL operates the Visakhapatnam Steel Plant (VSP), the only offshore steel plant under Government sector in the state of Andhra Pradesh. It has an installed capacity of 7.3 Mtpa of liquid steel.
The financial condition of RINL is critical (as on 31.03.2024, the net worth of RINL was ?(-)4538.00 crore, current assets were ?7,686.24 and current liabilities were?26,114.92 crores). RINL has exhausted the sanctioned borrowing limits from banks for working capital and was not in a position to get further loans from Banks. RINL also defaulted on the Capex Loan repayments and Interest payments in June 2024.
Steel production is a core sector of the economy and is one of the indicators of economic development of any country. The revival and continued operation of VSP at its full capacity will ensure efficient utilization of public resources and help in achieving the objectives of National Steel Policy, 2017.
This strategic decision underscores the Government's steadfast commitment to supporting indigenous industries for Atmanirbhar Bharat.
Finance Minister Sitharaman tables new Income Tax bill in Lok Sabha
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