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Govt clears Rs 11,440-crore plan for reviving Rashtriya Ispat Nigam Ltd

The decision was taken in the Thursday meeting of the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi.

Prime Minister Narendra Modi said the Visakhapatnam Steel Plant has a "special place in the hearts and minds of the people of Andhra Pradesh". (Express Photo)

The Union Cabinet has approved a Rs 11,440 crore revival plan for debt-laden Rashtriya Ispat Nigam Ltd (RINL), according to a statement released on Friday.

The decision was taken in the Thursday meeting of the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi. The Rs 11,440 crore revival package includes fresh equity infusion of Rs 10,300 crore and conversion of Rs 1,140 crore working capital loan as 7 per cent non-cumulative preference share capital redeemable after 10 years to keep RINL as a going concern, the statement said.

Prime Minister Narendra Modi said 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 `10,000 crore for the plant. This has been done understanding the importance of the steel sector in building an Aatmanirbhar Bharat,” Modi said in a post on social media platform X.

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With this revival, Andhra Pradesh will get a major steel plant revived, Union Minister Ashwini Vaishnaw said, adding that two blast furnaces in the plant will start functioning in the coming days and all three blast furnaces are expected to become functional by August.

The equity infusion of Rs 10,300 crore into RINL will help it overcome the operational problems related to raising working capital.

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