NEW DELHI: The government has approved infusion of Rs. 11,440 crore as Equity/ Preferential capital in RINL, to sustain the operations of RINL and to keep it as a going concern. 

The Company has focused on improvement in techno-economic performance, better capacity utilization and rationalization of fixed costs etc. to enhance operational efficiency. This aligns with the objectives of National Steel Policy, 2017. 

This information was given by the Minister of State for Steel and Heavy Industries Bhupathiraju Srinivasa Varma in a written reply in the Rajya Sabha.

RINL is a Schedule–A CPSE under the administrative control of Ministry of Steel with 100% ownership of Government of India. RINL operates the Visakhapatnam Steel Plant (VSP), the only offshore steel plant under Government sector in the state of Andhra Pradesh. It has an installed capacity of 7.3 Mtpa of liquid steel.

Steel production is a core sector of the economy and is one of the indicators of economic development of any country.  The revival and continued operation of VSP at its full capacity will ensure efficient utilization of public resources and help in achieving the objectives of National Steel Policy, 2017.

This strategic decision underscores the Government's steadfast commitment to supporting indigenous industries for Atmanirbhar Bharat.