Rinl

RINL aims to make 55,000 wheels in FY24 to meet Railways' demand: CMD Bhatt

State-owned steel maker RINL is aiming to produce 55,000 wheels in the current financial year to meet the demand from Indian Railways, its CMD Atul Bhatt said. Visakhapatnam-based Rashtriya Ispat Nigam Ltd (RINL) has set up a forged wheel plant at Lalganj, in Uttar Pradesh at an estimated cost of Rs 2,350-crore with a capacity to manufacture one lakh forged wheels per annum. "RINL supplied 2,465 Loco wheels and 2,639 LHB wheels to Railways in FY23. Preliminary Acceptance Certificate (PAC) has been issued for the plant and very soon production will be ramped up to 55,000 wheels in the current fiscal to meet the demand of Railways," he told PTI. The steel maker started supplying wheels in December 2021 when the first consignment of 51 loco wheels was flagged off from its Rae Bareli unit in Uttar Pradesh to the Railways. The targeted 50 per cent utilisation of the plant will significantly reduce the dependence on imports and help the national transporter to source the Made in India ..

RINL seeks proposals to fund working capital in exchange for steel supply

In a first, state-owned Rashtriya Ispat Nigam Ltd (RINL) is exploring a business model wherein it will supply finished steel products to companies which will either fund its working capital or supply one or more raw materials. RINL has invited expressions of interest from companies which have interests in steel and steel-making raw materials to partner with it for the supply of steel. In the notice, RINL said that the potential partner may participate by way of supplying one or more key raw materials like coking coal /BF coke, iron ore, and in turn take steel products as per mutually agreed terms and conditions. The potential partner may fund working capital and in turn, take steel products as per mutually agreed terms and conditions. The notice stated that the interested party must be in the business of steel making or raw materials used in the manufacturing of steel. The last date to submit the EOIs is April 15, 2023. The EOIs will be accepted through both physical and online ...

JSPL sees 'very good reason' to consider RINL, NMDC: MD Bimlendra Jha

State-owned companies marked out for divestment are attractive assets, he says in interview

Govt working out transaction structure of RINL strategic sale: Dipam Secy

The government is working out the transaction structure for the strategic sale of RINL or Vizag Steel, DIPAM Secretary Tuhin Kanta Pandey said on Friday. The Cabinet Committee on Economic Affairs had in January 2021 given in-principle approval for 100 per cent strategic disinvestment of the government shareholding in Rashtriya Ispat Nigam Limited (RINL) -- also called Visakhapatnam Steel Plant or Vizag Steel -- along with RINL's stake in its subsidiaries/joint ventures. "The in-principle approval is there. We are going forward in working out the transaction structure," the Department of Investment and Public Asset Management Secretary said at the CII Global Economic Policy Summit. Department of Investment and Public Asset Management (DIPAM), which manages the government's equity in public sector companies, earlier in March floated the request for proposal (RFP) for appointing an asset valuer registered with the Insolvency and Bankruptcy Board of India (IBBI) to carry out the valuati

RINL supplies 1,800 tonnes of structural steel for AMNS expansion project

Visakhapatnam-based RINL has supplied 1,800 tonnes of structural steel to AMNS India for its expansion project in Hazira, Gujarat. On October 28, the Gujarat-based steel maker AMNS India kicked off the Rs 60,000-crore expansion project to scale up the capacity of its steel plant to 15 million tonnes (MT) from about 9 MT at present. "#RINL Ahmedabad & @larsentoubro officials flagged off first consignment of structural steel (1800 tons) to ArcelorMittal Nippon Steel, Hazira for the expansion project," Rashtriya Ispat Nigam Limited (RINL) said in a Tweet. Structural steel is a type of steel used for making construction materials. Under the Ministry of Steel, RINL is among the top six steel producers in the country with an annual capacity of about 7.5 million tonnes. ArcelorMIttal Nippon Steel (AMNS) India is a joint venture (JV) company of Luxembourg-based ArcelorMittal and Nippon Steel of Japan. In 2019, the two companies completed the acquisition of the Essar Steel Limited plant .

Adani Group to foray into steel sector, eyes RINL bidding in January 2023

After an entry into the cement sector by acquiring Ambuja Cement and ACC, Adani Group is now eyeing the steel sector with a focus on green energy

Railways floats tender to procure 80,000 indigenous forged wheels a year

Invites industry to set up domestic manufacturing facility at estimated cost of Rs 1,000 crore

Centre cites policy to reject union's proposal to merge RINL with SAIL

Public sector undertakings (PSUs) in non-strategic sectors shall be considered for privatisation, or they shall be closed, said Minister of State Finance Bhagwat Karat in Rajya Sabha.

Rashtriya Ispat Nigam floats global tender for coking coal and PCI supply

The last date to submit bids is July 27, 2022 before 10:30 a.m, the Visakhapatnam-based steel PSU said

RINL, NMDC production hit as workers remain on strike for 2nd day: Union

Thousands of workers of state-owned RINL and NMDC boycotted work for a second day on Tuesday as part of the nationwide strike, affecting steel production and mining operations, a union leader said.

About 35,000 SAIL, RINL, NMDC workers boycott work on 2nd day of strike

About 35,000 workers of state-owned SAIL, RINL and NMDC continued to boycott work on Tuesday as part the nationwide strike, affecting production at steel plants and mines.

Bank operations hit; SAIL, NMDC staff join Bharat Bandh

The Kerala High Court on Monday directed the LDF administration to forthwith issue orders preventing its STAFF from abstaining from duty as part of the two-day strike

Govt invites bids from firms for valuing assets of privatisation-bound RINL

The last date for putting bids is April 4.

RINL flags off its first 51 loco wheels shipment to Indian Railways

The first dispatch of 51 loco wheels was flagged off to Lucknow workshop of the Indian Railways

Reliance Industries eyes first oil cargo from UAE trade arm in Dec: Report

The Indian conglomerate aims to get about a 500,000 barrels of cargo of United Arab Emirates' Das crude from RINL

EY burnishes its credentials with successful Air India sale to Tatas

With the Air India deal closed, the team at EY is gearing up for more government asset sale programmes

Top headlines: Small firms on I-T radar, race for steel supremacy, and more

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Race for steel supremacy begins with disinvestment plans for three units

Among the upcoming assets, Tata Steel is keen on participating in the bidding process for RINL

Govt extends bidding deadline for RINL transaction advisors till Aug 26

This is the second extension given for transaction advisors

Govt extends bidding deadline for transaction for RINL till Aug 17

The government on Tuesday extended the deadline till August 17 for merchant bankers and legal advisors to bid for managing strategic sale of RINL. The earlier deadline for submitting bids was July 28. The Department of Investment and Public Asset Management (DIPAM) had on July 7 floated the Request for Proposal (RFP) for appointing transaction and legal advisors. The government would appoint one transaction advisor from reputed merchant bankers or consulting firm for providing advisory services to DIPAM and managing the strategic disinvestment of government's stake in RINL, along with RINL's stake in its subsidiaries/joint ventures. It would also appoint one law firm as legal advisor for facilitating the transaction. The Cabinet Committee on Economic Affairs (CCEA) on January 27 gave its 'in-principle' approval for 100 per cent disinvestment of government stake in Rashtriya Ispat Nigam Ltd (RINL), also called Visakhapatnam Steel Plant or Vizag Steel, along with RINL's stake in its