RINL, the state-owned Rashtriya Ispat Nigam Ltd, is exploring a unique and creative business model. The company is seeking expression of interests from companies willing to partner with it for the supply of steel. These companies must have interests in steel and steel-making raw materials, such as coking coal, BF coke, and iron ore. In exchange, they may either fund RINL’s working capital or supply one or more raw materials. Those interested have until April 15, 2023 to submit their expressions of interests, both physically and online.
RINL, which operates under India’s Ministry of Steel, owns a steel plant with an annual capacity of 7 million tonnes located in Visakhapatnam, Andhra Pradesh. In addition to structurals, wire rod coils, and rebars, the plant produces various special products. The company also has a forging wheel manufacturing unit in Rae Bareli, Uttar Pradesh that it uses to provide wheels for Indian Railways.
Earlier this year, India’s Cabinet Committee on Economic Affairs gave its ‘in-principle’ approval for 100% disinvestment of the government’s stake in RINL, and its subsidiaries/joint ventures through strategic disinvestment, i.e. privatisation. This, however, is being opposed by the trade unions of the company. To counter this, the trade unions proposed a merger with the state-owned Steel Authority of India Ltd (SAIL). Unfortunately, this idea was rejected by India’s Finance Ministry citing the New Public Sector Enterprise (PSEs) policy.
RINL remains a vital player in India’s steel industry with its operations spanning across the country. It is known for providing quality steel products and services to its customers with an unwavering commitment to excellence. The company takes great pride in its skilful and experienced work force, whose expertise and knowledge are a source of strength for the organization. With this latest initiative, the company hopes to strengthen its presence in the market, expand its list of partners, and ensure continued success for the organization.