Cabinet Approves ₹11,440 Cr Revival Package for RINL

The Union Cabinet has approved a ₹11,440 crore revival package for Rashtriya Ispat Nigam Ltd to help the struggling steelmaker tide over its financial woes, Union steel minister HD Kumaraswamy said on Friday.

- Press Trust of India

NEW DELHI:

He also said that the privatisation issue of the steel-making entity does not arise.

"The Visakhapatnam Steel Plant has a special place in the hearts and minds of the people of Andhra Pradesh. During yesterday's Cabinet meeting, it was decided to provide equity support of over ₹10,000 crore for the plant. This has been done understanding the importance of the steel sector in building an Aatmanirbhar Bharat," Prime Minister Narendra Modi said in a post on X. In January 2021, the Cabinet Committee on Economic Affairs (CCEA) approved a 100% disinvestment of a government stake in debt-laden Rashtriya Ispat Nigam Ltd (RINL), under the Ministry of Steel, amid poor financial and operational progress.