Section

Govt infuses Rs 1,650 cr in state-owned RINL to keep it as a going concern

By Business Standard - 3 weeks ago
The government has infused around Rs 1,650 crore in state-owned RINL, gripped with operational and financial issues, according to an official document. The government is also taking various measures to keep RINL as a going concern, the Ministry of Steel said in a note. "In this regard, the Government of India has infused Rs 500 crore towards equity on September 19, 2024, and a working capital loan of Rs 1,140 crore on September 27, 2024," according to the document. It also said that SBICAPS, a wholly-owned subsidiary of the State Bank of India (SBI), is preparing a report on the sustainability of RINL. "RINL is in serious financial trouble, and the (Steel) Ministry is taking several steps to keep RINL as a going concern in consultation with the Ministry of Finance," it added. Rashtriya Ispat Nigam Ltd (RINL), under the Ministry of Steel, is a steel manufacturing company. It owns a 7.5 million tonne plant at Visakhapatnam in Andhra Pradesh. The company has been facing severe financ

Disclaimer : Mymoneytimes implements extreme caution and care in collecting data before publication. Mymoneytimes does not liable for the adequacy, accuracy or completeness of any given information. Hence we are not liable for any kind of direct or indirect loss caused by the use of such information.