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Minister says would work on a plan to infuse funds once the company works towards increasing capacity
The company had reported a sales turnover of Rs 17,956 crore during the fiscal 2020-21.
The Cabinet Committee of Economic Affairs (CCEA) on January 27 gave 'in-principle' approval for 100 per cent disinvestment of government stake in Rashtriya Ispat Nigam Limited (RINL), also called Visakhapatnam Steel Plant or Vizag Steel, alongwith RINL’s stake in its subsidiaries/joint ventures.
In the last fiscal, RINL, the second largest steel-making company in the public sector, posted an EBITDA of Rs 200 crore. "In March 2018, RINL had posted a net profit. We expect to be back in the black by posting a net profit in the current fiscal," CMD of RINL, P Madhusudan said.
Rashtriya Ispat Nigam Limited, the corporate entity of Vizag Steel has roped in badminton champion and Rio silver medallist P V Sindhu as its brand ambassador.
Exports recorded 72 percent growth at Rs 725 crore during the 11-month period compared to of Rs 421 crores for the same period last year, 2013-14.
The exports in first half of the year were highest since inception at Rs 348 crore, registering a 63 percent growth over last year. The steel maker took advantage of rupee depreciation by maximising exports and similar efforts are on to maximise exports during H2 also.
This week on CNBC-TV18's special show, HBL Cerebration Quiz, six teams battle for the national final.
Rashtriya Ispat Nigam Ltd, the corporate entity of Vizag Steel, is mulling setting up of a cement plant as part of its plans to dispose byproducts such as slag and fly ash, a senior company official said.
Leading public sector steel firm Rastriya Ispat Nigam Limited today launched its rural dealership scheme in Rajasthan to make Vizag steel available to users in interior areas of the state.
