The Union Cabinet has approved a ₹11,440 crore revival package for debt-ridden RINL:
The Union Cabinet has sanctioned a substantial ₹11,440 crore package to revitalize Rashtriya Ispat Nigam Limited (RINL), commonly known as Vizag Steel, addressing its critical financial challenges.This strategic intervention aims to infuse ₹10,300 crore as equity capital into RINL and convert ₹1,140 crore of its working capital loans into 7% non-cumulative preference share capital, redeemable after a decade. This initiative is expected to resolve many of RINL’s longstanding operational issues.
