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, || Centre Defends Vizag Steel Privatisation ||
In a significant move that is likely to trigger public outcry in Andhra Pradesh, the Narendra Modi government at the Centre has finalized the privatisation of Rashtriya Ispat Nigam Ltd (RINL), the public sector corporate entity of Vizag Steel Plant (VSP).
The Union Cabinet has approved the privatisation of RINL earlier this week, which was announced by the Ministry of Steel on Tuesday.
A Navratna PSU since 2010, RINL's Vizag Steel Plant based in Visakhapatnam, is India's first shore-based integrated steel plant built with state-of-the-art technology. Commissioned in 1992 with a capacity of 3.0 MTPA of liquid steel, VSP subsequently enhanced its capacity to 6.3 MTPA in April 2015 and to 7.3 MTPA in December 2017.
RINL is a wholly owned central PSU, however the Centre decided in September 2011 to divest 10 percent of its stake via an initial public offering (IPO). Somehow, the plan had been kept on hold for various reasons until the decision to privatize it completely now.
VSP, with an exclusive product mix of longs, is the largest producer of bars and rods in the country with a market share of over 10 percent and has recorded an annual turnover of 20,844 crore in 201819. The products of RINL include rebars, wire rods, rounds, structurals, blooms and billets, and pig iron and the company also markets the resultant by-products like coal chemicals - ammonium sulphate, benzol products, etc.
https://government.economictimes.indiatimes.com/news/psu/centre-finalizes-privatization-of-navratna-pse-of-vizag-steel-plant-rinl/80685536
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You can still enroll as a voter for MLC elections with this link: http://ceotserms2.telangana.gov.in/MLC/form18.aspx , || Centre Defends Vizag Steel Privatisation || In a significant move that is likely to trigger public outcry in Andhra Pradesh, the Narendra Modi government at the Centre has finalized the privatisation of Rashtriya Ispat Nigam Ltd (RINL), the public sector corporate entity of Vizag Steel Plant (VSP). The Union Cabinet has approved the privatisation of RINL earlier this week, which was announced by the Ministry of Steel on Tuesday. A Navratna PSU since 2010, RINL's Vizag Steel Plant based in Visakhapatnam, is India's first shore-based integrated steel plant built with state-of-the-art technology. Commissioned in 1992 with a capacity of 3.0 MTPA of liquid steel, VSP subsequently enhanced its capacity to 6.3 MTPA in April 2015 and to 7.3 MTPA in December 2017. RINL is a wholly owned central PSU, however the Centre decided in September 2011 to divest 10 percent of its stake via an initial public offering (IPO). Somehow, the plan had been kept on hold for various reasons until the decision to privatize it completely now. VSP, with an exclusive product mix of longs, is the largest producer of bars and rods in the country with a market share of over 10 percent and has recorded an annual turnover of 20,844 crore in 201819. The products of RINL include rebars, wire rods, rounds, structurals, blooms and billets, and pig iron and the company also markets the resultant by-products like coal chemicals - ammonium sulphate, benzol products, etc. https://government.economictimes.indiatimes.com/news/psu/centre-finalizes-privatization-of-navratna-pse-of-vizag-steel-plant-rinl/80685536
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