The Cabinet Committee on Economic Affairs (CCEA) has approved an Rs 11,440 crore revival plan for Rashtriya Ispat Nigam Limited (RINL). Officials aware of the development said there will be a fresh equity infusion of Rs 10,300 crore to revive the project. Speaking to journalists, Union Steel Minister H D Kumaraswamy said plans to merge KIOCL with NMDC are underway. Besides, a call to merge RINL into Steel Authority of India Limited (SAIL) will be taken in the future. Budget with ETIndia's Rs 3 lakh crore cheque to be railways' game-changing modern ticket for youHow India could cement the foundation for a stronger housing marketUnion Budget 2025's tax dilemma and expectations for Viksit Bharat "RINL will achieve 14,000 metric tonne steel production in January and aim to achieve 92.3% of installed production capacity in the near future," Kumaraswamy said Friday. RINL can produce roughly 7.3 million tonnes per annum (MTPA) of steel at peak capacity. Two blast furnases of RINL will begin operations in January itself while another will start running by August 2025, he added. The infusion includes conversion of Rs 1,140 crore working capital loan as 7% Non-cumulative Preference Share Capital redeemable after 10 years to keep RINL as a going concern, an official statement said. 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RINL also defaulted on the Capex Loan repayments and Interest payments in June 2024, the statement added. RINL has outstanding dues of roughly Rs 35,000 crore, Kumaraswamy said while adding that these will be liquidated as the plant starts earning revenue. "We aim to make the plant profitable by the end of this year," Union Civil Aviation Minister K Rammohan Naidu, who hails from Andhra Pradesh where the plant is located, told journalists. The decision to revive RINL was taken a day earlier. "Salem steel plant (in Tamil Nadu) will also be revived. There is need for speciality steel in the country," Kumaraswamy said while responding to queries on whether any plans for reviving the stressed asset are also on the cards. He said the merger of KIOCL with fellow public sector undertaking NMDC has been proposed by the Steel Ministry. KIOCL runs a 3.5 million tonne per annum iron-oxide pellet plant and a blast furnace unit that produces 2.16 lakh tonnes of pig iron annually at its facility in Mangaluru, Karnataka. NMDC supplies about 20 percent of India’s iron ore demand. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
