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Nov 03, 2012, 01.44 PM IST
State-run steel-making company RINL, which faces the prospect losing its 'Navratna Status', is likely to be allowed to retain the coveted status, a company official said here today.
company official said here today.
RINL was awarded the Navratna status on November 16, 2010 with the condition that it would get listed on the stock markets within two years. "The Ministry of Steel has taken up the issue with DPE on extending the status. We requested the status to be given till we get listed in bourses. Extension is for sure. We will have to see if they continue the status with a time-frame or till the time it gets listed. Officially we will have to hear from
"It is no fault of the RINL. The government itself wanted to defer the IPO. DPE will make decision (on extension of the status) and send to the cabinet for approval," the official added. The government had last month indefinitely deferred its proposed initial public offer (IPO) due to differences with
On the other hand, employee unions of Vizag Steel which are opposing the disinvestment said they will intensify the agitation if the government goes ahead with the move. The Vizag-based company is the second largest state-owned steel maker in the country after SAIL, with a production
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