Table of Contents
Will Vizag Steel plant be privatized?
On 27 January 2021, the government of India’s cabinet committee on economic affairs decided to proceed with the 100 percent privatization of the government’s shareholding in RINL, along with RINL’s stake in its subsidiaries and joint ventures. The privatization will affect about 35,000 employees and their families.
Is Vizag Steel Plant Privatised Quora?
The Union Cabinet approved the privatisation of Rashtriya Ispat Nigam Ltd, the Public Sector Undertaking that runs the Visakhapatnam Steel Plant, VSP or Vizag Steel as it is called.
Why Vizag Steel plants are lost?
The main reason cited by the Centre for privatising the RINL was that it had been consistently making losses for four years out of the last five years. Besides, the RINL is also facing a huge debt burden of ₹22,000 crore, which is being serviced at 14 per cent.
Is RINL privatized?
The Union Cabinet has cleared the privatisation of steel-maker RINL, Department of Investment and Public Asset Management, Secretary Tuhin Kanta Pandey tweeted on February 3. The RINL strategic sale proceeds would be part of the disinvestment target for next fiscal.
Who will buy Vizag Steel plant?
Tata’s acquisition of Vizag-based RINL Tata Steel CEO and MD TV Narendran recently said that his company is interested in acquiring RINL, as the plant is strategically located on the eastern coast, and its acquisition will give it more access to the South East Asian markets, where the company already has a presence.
Is Vizag steel plant under losses?
Rashtriya Ispat Nigam Limited, the corporate entity of Vizag Steel, on Friday said its net loss for the financial year 2020-21 reduced to Rs 789 crore as against Rs 3,910 crore a year ago.
Is Vizag Steel a PSU?
Rashtriya Ispat Nigam Ltd, (abbreviated as RINL), also known as Vizag Steel, is a government owned steel producer based in Visakhapatnam, India….Rashtriya Ispat Nigam.
| Type | Public Sector Undertaking |
|---|---|
| Website | www.vizagsteel.com |
Is Vizag Steel in losses?
What is the cost of Vizag Steel Plant?
Currently, the steel plant has completed the expansion from 3.6 MT to 6.3 MT with a total investment of Rs. 12,300 crore.
Who is purchasing Vizag steel plant?
Tata Steel
Tata’s acquisition of Vizag-based RINL Tata Steel CEO and MD TV Narendran recently said that his company is interested in acquiring RINL, as the plant is strategically located on the eastern coast, and its acquisition will give it more access to the South East Asian markets, where the company already has a presence.
How many employees are there in Vizag steel plant?
15,641
Rashtriya Ispat Nigam/Number of employees