RINL gets 16 bids for working capital deal
In its EoI notification, steel maker sought working capital, raw material in exchange for its steel products
image for illustrative purpose
Visakhapatnam: Rashtriya Ispat Nigam Ltd (RINL), the corporate entity of Visakhapatnam Steel Plant (VSP), received 16 bids before 3 pm on Saturday, the deadline set for submission of bids in response to March 27 notification seeking proposals to partner for working capital and raw material supply in exchange of finished steel. The company, however, extended the deadline to April 20 minutes before the earlier deadline lapsed.
“All other terms and conditions given in the previous notification remain the same,” an official at International Trade Division of RINL, told Bizz Buzz.
Though RINL did not disclose the names of the bids received by them, trade unions of VSP circulated the list of 16 names who responded to the EoI notification before the deadline was extended.
Singareni Collieries Company Ltd (SCCL), in which Telangana Government has 51 per cent equity, did not submit any bid so far.
Former Joint Director of CBI VV Lakshminarayana, who contested for Visakhapatnam Lok Sabha seat on behalf of Jana Sena, said he submitted a bid through a private company to prevent selling off RINL, the pride of Andhra Pradesh. His petition seeking details on what ground the Centre has decided to privatise RINL is sub judice.
Lakshminarayana told the media that VSP could be made a profitable organisation by seeking crowd funding from the 8.5 crore Telugu-speaking people of Andhra Pradesh and Telangana. He said he held talks with the Telangana Government on ways and means to stop privatisation of RINL.
Bharat Rashtra Samiti working president and Telangana Industries Minister KT Rao had earlier declared that they would submit bids on behalf of SCCL to prevent privatisation of RINL by the BJP-led NDA Government. Both BJP and BRS are not seeing eye to eye as Telangana Chief Minister K Chandrashekar Rao has been staying away from Prime Minister Modi’s visit to Hyderabad.
This led to comments by the BJP leaders including Union Minister of State for Steel Faggan Singh Kulaste who during his recent visit to Visakhapatnam termed BRS’ plans to submit a bid as a ‘political stunt.’
