PM Modi Approves Rs 11,440 Crore Revival Package for RINL

Prime Minister Narendra Modi on Friday approved a Rs 11,440 crore revival package for the state-owned Rashtriya Ispat Nigam Limited (RINL), Union Minister Ashwini Vaishnaw announced.

"Honorable Prime Minister Shri Narendra Modi ji has approved a package of 11,440 crore rupees for the revival of Rashtriya Ispat Nigam Limited (RINL)," Vaishnaw stated in an official communication.

As per the Union Minister, the government’s revival package includes a fresh equity infusion of Rs 10,300 crore, alongside the conversion of Rs 1,140 crore in working capital loans into preferred share capital. "In this overall package of 11,440, fresh equity infusion of 710,300 crore is there and the conversion of working capital loan into preferred share capital of 1,140 crore," he clarified.

Strengthening India’s Steel Sector

Vaishnaw underscored RINL’s significant role in India's steel industry and emphasized that the revival plan aims to resolve the company’s longstanding challenges. "As we all know that R.I.N.L has a very special position in the entire steel industry. It is one of those plants which is located at the coast of Andhra Pradesh in Vizag," he said.

Additionally, he assured that the government is committed to securing raw materials for RINL and modernizing its plant in Andhra Pradesh. "With this, all the employees of RINL as well as all the people connected with the economic activities of RINL, will be immensely benefited and Andhra Pradesh will have a major steel plant revived in the coming days," he added.

PM Modi Highlights Aatmanirbhar Bharat Vision

Prime Minister Narendra Modi also highlighted the importance of self-reliance in the steel sector. "The Visakhapatnam Steel Plant has a special place in the hearts and minds of the people of Andhra Pradesh. During yesterday's Cabinet meeting, It was decided to provide equity support of over Rs. 10,000 crore for the plant. This has been done understanding the Importance of the steel sector in building an Aatmanirbhar Bharat," he said in a social media post on X.

Regarding future operations, Vaishnaw noted that RINL would initially resume functioning with two blast furnaces, with plans to have all three operational by August 2025.

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