Rashtriya Ispat Nigam

Rashtriya Ispat Nigam Limited
Company typeCentral Public Sector Undertaking
IndustrySteel
Iron
Founded18 February 1982 (1982-02-18)[1]
Headquarters
Visakhapatnam
,
India
Key people
Atul Bhatt (Chairman & MD)
D K Mohanty (Director - Commercial)
Arun Kanti Bagchi (Director Projects)[2]
Suresh Chandra Pandey (Director - Personnel)[3]
ProductsSteel and Iron
RevenueIncrease₹20,492.03 crore (US$2.6 billion) (2018-2019)[4]
Increase₹96.71 crore (US$12 million) (2018-19)[4]
Total assetsIncrease₹35,201.31 crore (US$4.4 billion) (2018-19)[4]
Total equityIncrease₹7,352.28 crore (US$920 million) (2018-19)[4]
OwnerMinistry of Steel, Government of India
Number of employees
14,729 (March 2023)
SubsidiariesRINL Forged Wheel Plant, UP
Eastern Investments Limited (EIL)
The Orissa Minerals Development Company Limited (OMDC)
The Bisra Stone Lime Company Limited (BSLC)
Websitewww.vizagsteel.com

Rashtriya Ispat Nigam Ltd, (abbreviated as RINL), also known as Vizag Steel, is a central public sector undertaking under the ownership of Ministry of Steel, Government of India based in Visakhapatnam, India. Rashtriya Ispat Nigam Limited (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. Visakhapatnam Steel Plant (VSP) is a 7.3 MTPA plant. It was commissioned in 1992 with a capacity of 3.0 MTPA of liquid steel. The cpsu subsequently completed its capacity expansion to 6.3 MTPA in April 2015 and to 7.3 MTPA in December 2017. The cpsu is having one subsidiary, viz. Eastern Investment Limited (EIL) with 51% shareholding, which in turn is having two subsidiaries, viz. M/s Orissa Mineral Development Company Ltd (OMDC) and M/s Bisra Stone Lime Company Ltd (BSLC). The CPSU 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.

Location

The steel plant is 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.

History

RINL is wholly owned by the Government of India. In November 2010, the company was granted the Navratna status by the Government of India.[5][6] 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 steel-maker Rashtriya Ispat Nigam Ltd (RINL). This decision caused massive protests in Vizag city.[7][8][9]

Operations

RINL operates a 7.3 million tonne per annum capacity steel plant in Visakhapatnam.[10] During the initial periods, the company suffered huge losses. Later the profits have gone up by 200% making it the only steel industry to achieve such a target. Its annual capacity is expected to reach almost 7.5 million tonnes by 2020. RINL plans to invest ₹60,000 crore (US$7.5 billion) to increase the capacity to 20 million tonnes by 2027.[11]

References

  1. ^ "RINL Formation Day Celebrated" (PDF). Rashtriya Ispat Nigam Limited. Retrieved 2 September 2011.
  2. ^ "CONTACT US - RINL". 12 May 2023.
  3. ^ "Dr Suresh Chandra Pandey assumes charge as Director (Personnel) of RINL". 12 May 2023.
  4. ^ a b c d "Balance Sheet 31.03.2019".
  5. ^ "RINL conferred Navratna status" (PDF). Rashtriya Ispat Nigam Limited. 16 November 2010. Retrieved 2 September 2011.
  6. ^ "Visakhapatnam Steel Plant unions serve strike notice". 10 June 2012.
  7. ^ "Cabinet clears privatisation of Rashtriya Ispat Nigam - The Hindu Bus…". archive.vn. 7 February 2021.
  8. ^ "Doctors in Kerala observe fast protesting anomalies in pay revision |…". archive.vn. 7 February 2021.
  9. ^ "India to Sell 10% Stake in Rashtriya Ispat Nigam". The Wall Street Journal. 2 September 2011. Retrieved 2 September 2011.
  10. ^ "Expansion Plans". Rashtriya Ispat Nigam Limited. Retrieved 2 September 2011.
  11. ^ "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.
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