Rashtriya Ispat Nigam Ltd (RINL) has issued an expression of interest (EOI) calling for companies interested in providing steel products through a business model, wherein working capital funding or raw materials supply will be provided in exchange of finished steel products. The Vizag steel plant of RINL, operating in Andhra Pradesh, has a yearly capacity of 7 million tonnes.
RINL, a government owned enterprise and operated under the Ministry of Steel, is hoping to create a partnership with steel-making companies or those dealing in raw materials used in steel manufacturing. Through this business model, the company will give readymade products to these partners in return of either the raw materials they provide or the working capital they lend. Companies are also required to present their Expression of Interest (EOI) by April 15, 2023 in either physical or online form.
The mentioned firm Rashtriya Ispat Nigam Ltd (RINL) has been in the news recently as the government has given its ‘in-principle’ approval for 100% disinvestment of government stake in the company, along with its stakes in its subsidiaries or joint ventures. With its steel plant located in Visakhapatnam, Andhra Pradesh – having the yearly capacity of 7million tonnes and other plants like the one in Rae Bareli which manufactures forged wheel for the Indian Railways, the company is looking to expand its customer circle through its innovative business model. However, there have been protests from the trade unions due to privatisation move of the government.
While RINL is at the centre of recent focus, the top man of the company, Anjani Kumar Tiwari, CEO-Vizag steel plant, has been leading the charge and looking at ways to explore efficient initiatives. Tiwari is vastly experienced in the steel industry and has extensive knowledge related to the steel market, the technicalities of the sector and the following changes. He is responsible for the smooth operations, including modernisation and expansion projects, of the Vizag Steel Plant and for furthering the business model and exploring partnerships for the same.