RINL puts up a good spectacular show again
image for illustrative purpose
Visakhapatnam After clocking a turnover of Rs.18,000 crore during 2020-21, the second highest since its inception, Rashtriya Ispat Nigam Limited (RINL) has put up best-ever sales value Rs.2,612 crore in August month, the third best turnover for any month.
According to RINL officials, this is second best turnover-ever sales value achieved in exports amounting to Rs.790 crore. A senior official told Bizz Buzz that they have achieved a turnover of Rs.2,612 crore against Rs.1176 crore of CPLY, registering a growth of 122 percent.
In a series of tweets on its official handle, RINL, the corporate entity of Visakhapatnam Steel Plant said sales of saleable steel stood at 498,000 tonnes against 335,000 tonnes of CPLY, registering a growth of 49 percent. RINL has a 7.3 million tonnes integrated steel plant in Visakhapatnam. The plant was set up after 'Visakha Ukku Andhrula Hakku' agitation which had claimed lives of 32 protestors across the undivided Andhra Pradesh in late 1960s.
Saleable steel volume in the domestic sales by RINL stood at 348,000 tonnes against 227,000 tonnes CPLY, registering a growth of 53 percent. Exports registered sales volume of 151,000 tonnes of saleable steel against 109,000 tonnes of CPLY,registering a growth of 39 percent.
Reacting to RINL's performance in August, Arijit Chakraborty, a follower of RINL's tweets, commented "sales is the only avenue by which a company earns its revenue and makes the way to turnaround towards earning profit and steady growth of net worth. Wish RINL collective of Marketing and Finance to contribute more to break its previous records."
RINL has been taken up for disinvestment by way of 100 percent privatisation by the Department of Investments and Public Asset Management, Ministry of Finance, after the Cabinet Committee on Economic Affairs gave in-principle clearance to the disinvestment proposal on January 27.
Even as the trade unions and political parties barring Bharatiya Janata Party, its allies and affiliated organisations, all other are on a warpath against the exercise launched for privatisation of RINL to contribute to Rs.1.75 lakh crore set in the Union Budget for mobilisation of funds from offloading Government of India stake in central public sector enterprises.
Through a couple of letters and a resolution in the Assembly, the Andhra Pradesh Government has contended the losses and loan liability faced by RINL could be overcome and put on a profitable path if captive iron mines and mobilisation of fresh funds through IPO route are explored. Chief Minister Y.S. Jagan Moahn Reddy went on record on several occasions that they will issue no objection if part of its surplus lands are taken up for monetisation.
