While Andhra Pradesh and its people are fighting to save the country’s shore-based integrated steel plant run by the Rashtriya Ispat Nigam Limited (RINL), the ruling Bharat Rashtra Samithi (BRS) in Telangana, too, has expressed sympathy for the anti-privatisation sentiment. Andhra Pradesh, however, does not want its neighbour’s support, which is being seen as an attempt to ‘secure the entity’ through investment by the Singareni Collieries Corporation Limited (SCCL), in which the Telangana government holds a 51 per cent stake. However, while the SCCL has deputed a team to take stock on the ground, it was not among the 22 bidders that submitted Expressions of Interest (EoI) before the April 15 deadline, which was later extended to April 20 to broadbase the bidding process.
RINL has been facing a shortage of raw material and working capital to keep the plant running. On March 27, it invited EoI from private companies and steel manufacturers to infuse Rs 5,000 crore worth of working capital, supply raw material and purchase its products. In a first, RINL even mooted the idea of swapping raw material with finished steel.
Earlier, the Jagan Mohan Reddyled state government had suggested that in order to ensure RINL’s financial turnaround, its short- and long-term loans be converted into equity, easing the repayment pressure and the interest burden. The steel plant has a debt of Rs 22,000 crore, on which it pays interest of 14 per cent.
This story is from the May 01, 2023 edition of India Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 01, 2023 edition of India Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Who Will Win The Mahayuddh?
In Maharashtra's Most Complex Political War Ever, Shifting Alliances Fuel A Gripping Saga Of Power Struggles And Betrayals In The Pursuit Of Votes
Grand Young Master
Seventeen-yearold D. Gukesh has become the youngest player to win the Candidates chess tournament
SPORTING SPIRIT
BADMINTON PLAYER ASHWINI PONNAPPA, 34, IS OFF TO HER THIRD OLYMPICS, THIS TIME WITH A NEW PARTNER, TANISHA CRASTO
PORTRAITS OF A PEOPLE
Etchings by the colonial Flemish artist F. Baltazard Solvyns are getting a new lease of life in an exhibition at the Dr. Bhau Daji Lad Museum, Mumbai
Centennial Man
A seminal exhibition of K.G. Subramanyan's works in his birth centenary year at Emami Art, Kolkata takes an imaginative and immersive curatorial approach
Rhythms of Nature
ARTIST AND MUSIC COMPOSER GINGGER SHANKAR'S LATEST SINGLE COMBINES SOUTH INDIAN MUSIC WITH INUIT THROAT SINGING
SEARCHING FOR THE SOUND
Kashmiri musician Faheem Abdullah’s debut album Lost; Found is a collaborative effort
FOUND IN TRANSLATION
With its excellent translations, Songs of Tagore makes Rabindrasangit accessible to the non-Bengali reader
Of Freedom and Friendship
T.C.A. RAGHAVAN'S CIRCLES OF FREEDOM FOLLOWS THREE YOUNG MUSLIMS DRAWN INTO THE FREEDOM STRUGGLE
The Razor's Edge
Salman Rushdie's Knife is an eloquent, first-person account of the horrific attack on him. It's also a love story