Regarding the divestment of Rashtriya Ispat Nigam and its subsidiary, the government seeks to achieve so by the end of January 2023. RINL is one of the top steel producers in the country.
The Government of India (GoI) will invite Expression of Interest (EoI) for the divestment of Rashtriya Ispat Nigam Ltd (RINL) and its subsidiary by the end of January 2023, as per a news report. RINL, also known as Vizag Steel, is a public enterprise and a steel producer based in Visakhapatnam (Vizag), Andhra Pradesh.
Tata Steel, JSW Steel, and Adani Group have expressed “strong interest” in the entity during pre-bid consultations held in early December, according to news reports.
Apparently, deciding about the transaction structure around 22,000 acres of land of RINL is a major point of attraction for the interested bidders for the said divestment.
Rashtriya Ispat Nigam is likely to finalize its valuation by the December-end this year. Government’s shareholding in RINL has received a principal approval in January 2021 from the Cabinet Committee on Economic Affairs, sale of 100 percent strategic disinvestment.
RINL is among the leading top six steel producers with an annual supply of about 7.5 million tonnes of structural steel.