Vizag steel plan on revival path

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Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, approves revival plan for RINL for

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Rs 10,300 cr as equity capital into RINL

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Conversion of Rs 1,140 cr working capital loan as 7% non-cumulative preference share capital redeemable after 10 years to keep RINL as a going concern

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Equity infusion will help RINL to overcome operational problems related to raising working capital, start blast furnace operations in the most productive way

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Revival package will allow RINL to gradually reach full production capacity

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RINL operates Visakhapatnam Steel Plant, the only offshore steel plant in Andhra Pradesh

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Financial condition of RINL is critical

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Not in a position to get further loans from banks

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Vizag steel plan on revival path

Centre approves Rs 11,440 cr Rashtriya Ispat Nigam Ltd (RINL) financial support plan

Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, approves revival plan for RINL for

Rs 11,440 cr

Rs 10,300 cr as equity capital into RINL

Infusion includes

Conversion of Rs 1,140 cr working capital loan as 7% non-cumulative preference share capital redeemable after 10 years to keep RINL as a going concern

Infusion includes

Equity infusion will help RINL to overcome operational problems related to raising working capital, start blast furnace operations in the most productive way

Revival package will allow RINL to gradually reach full production capacity

Envisages that RINL will start full production with 2 blast furnaces in January 2025 and 3 blast furnaces by August 2025

RINL operates Visakhapatnam Steel Plant, the only offshore steel plant in Andhra Pradesh

It has an installed capacity of 7.3 Mtpa of liquid steel

Financial condition of RINL is critical

It has exhausted sanctioned borrowing limits from banks for working capital

Not in a position to get further loans from banks

Defaulted on capex loan repayments, interest payments in June 2024