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Rashtriya Ispat Nigam

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Rashtriya Ispat Nigam Limited
Company typeGovernment Corporation
IndustrySteel
Iron
Founded18 February 1982 (1982-02-18)[1]
Headquarters
Visakhapatnam
,
India
Key people
Atul Bhatt
(Chairman & MD)
ProductsWire rods, TMT Re-bars, rounds, squares, flats, angles, channels, LOCO & LHB Wheels
ServicesSteel production
RevenueIncrease₹18,263.00 crore (US$2.2 billion) (2020-21)[2]
Decrease₹(789.00) crore (US$95 million) (2020-21)[3]
Total assetsDecrease₹33,607.80 crore (US$4.0 billion) (2020-21)[3]
Total equity₹3,271.79 crore (US$390 million) (2019-20)[3]
OwnerMinistry of Steel, Government of India
Number of employees
Decrease16765(March 2021)[3]
Subsidiaries
  • Eastern Investments Limited
Websitewww.vizagsteel.com

Rashtriya Ispat Nigam Limited, (abbreviated as RINL), also known as Vizag Steel, is a government owned steel producer based in Visakhapatnam, India. It is under the ownership of Ministry of Steel , Government of India .

History

When founded in 1982, RINL was wholly owned by the Government of India. In November 2010, the company was granted the Navratna status by the government.[4][5] In September 2011, the government announced plans to divest 10% of its stake in RINL via an initial public offering. In February 2021, the Cabinet approved the privatisation of RINL. This decision caused massive protests in Vizag City.[6][7][8] The state has no equity share in the plant and the centre is withdrawing 100% of the investment, according to a statement by Union Finance Minister Nirmala Sitharaman in March 2021.[9][10]

The steel plant is located in the southern part of Visakhapatnam city, Andhra Pradesh state of India. The company has blast furnace grade limestone captive mine at Jaggayyapeta (Krishna District), a captive mine for dolomite at Madharam (Khammam), a manganese ore captive mine at Cheepurupalli (Vizianagaram). It also has a mining lease for river sand on the river Champavathi.

Operations

RINL is the government entity of Visakhapatnam Steel Plant (VSP), India's first shore-based integrated steel plant built with state-of-the-art technology. VSP is a 7.3 MTPA plant. It was commissioned in 1992 with a capacity of 3.0 MTPA of liquid steel. The government enterprise subsequently completed its capacity expansion to 6.3 MTPA in April 2015 and to 7.3 MTPA in December 2017. The company has one subsidiary, viz. Eastern Investment Limited (EIL) with 51% shareholding, which in turn is having two subsidiaries, viz. Orissa Mineral Development Company Ltd (OMDC) and Bisra Stone Lime Company Ltd (BSLC). The company has a partnership in RINMOIL Ferro Alloys Private Limited and International Coal Ventures Limited in the form of joint ventures with 50% and 26.49% shareholding respectively.

Currently, RINL operates a 7.3 million tonne per annum capacity steel plant in Visakhapatnam.[11]

By 2027, RINL plans to invest ₹60,000 crore (US$7.2 billion) to increase the capacity to 20 million tonnes.[12]

During the COVID-19 pandemic, the plant supplied 100 metric tonnes liquid medical oxygen across the country through Oxygen Express trains.[13]

References

  1. ^ "RINL Formation Day Celebrated" (PDF). Rashtriya Ispat Nigam Limited. Retrieved 2 September 2011.
  2. ^ "Balance Sheet 31.03.2019".
  3. ^ a b c d "39th Annual Report" (PDF). Rashtriya Ispat Nigam Limited.{{cite web}}: CS1 maint: url-status (link)
  4. ^ "RINL conferred Navratna status" (PDF). Rashtriya Ispat Nigam Limited. 16 November 2010. Retrieved 2 September 2011.
  5. ^ "Visakhapatnam Steel Plant unions serve strike notice". 10 June 2012.
  6. ^ "Cabinet clears privatisation of Rashtriya Ispat Nigam - The Hindu Bus…". archive.vn. 7 February 2021.
  7. ^ "Doctors in Kerala observe fast protesting anomalies in pay revision |…". archive.vn. 7 February 2021.
  8. ^ "India to Sell 10% Stake in Rashtriya Ispat Nigam". The Wall Street Journal. 2 September 2011. Retrieved 2 September 2011.
  9. ^ "Nirmala Sitharaman clarifies on privatisation of Vizag steel plant, says AP has no equity share in it". archive.vn. 9 March 2021.
  10. ^ "VSP privatisation: Nirmala's statement sparks protests - The Hindu". archive.vn. 9 March 2021.
  11. ^ "Expansion Plans". Rashtriya Ispat Nigam Limited. Retrieved 2 September 2011.
  12. ^ "RINL to invest Rs 60K cr to have 20 MT capacity by 2027". Business Standard. Press Trust of India. 3 October 2013. Retrieved 23 October 2016.
  13. ^ "'Oxygen Express' Train Leaves for Maharashtra from Vizag's RINL Plant". News18. 22 April 2021. Archived from the original on 25 April 2021. Retrieved 25 April 2021.
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