Union Cabinet has approved a ₹11,440 crore revival plan for Rashtriya Ispat Nigam Limited

Union Cabinet has approved a ₹11,440 crore revival plan for Rashtriya Ispat Nigam Limited (RINL).
It includes equity infusion of ₹10,300 crore and the conversion of ₹1,140 crore in working capital loans into preferred share capital.
Rashtriya Ispat Nigam Limited (RINL) is a CPSE under the Ministry of Steel with 100% ownership of Government of India.
RINL operates the Visakhapatnam Steel Plant (VSP), it is only offshore steel plant under Government sector in the state of Andhra Pradesh.
The equity infusion into RINL will help it in overcoming the operational problems related to raising working capital.
It would allow the company to gradually reach its full production capacity.
Under the revival plan, RINL will start full production with two blast furnaces in January 2025 and with three blast furnaces August 2025.
Steel production is a core sector of the economy. India is the world’s second largest producer of steel.