Tata Steel shows interest to acquire Vizag-based RINL

Domestic steel giant Tata Steel is interested in acquiring state-owned Rashtriya Ispat Nigam Limited (RINL), the company's Chief Executive Officer (CEO) and Managing Director T V Narendran said.

RINL, under the Ministry of Steel, owns and operates a 7.3 million tonnes plant in Visakhapatnam, Andhra Pradesh. It holds the distinction of being India's first shore-based integrated steel plant.

The Cabinet Committee on Economic Affairs (CCEA) on January 27, gave its ''in-principle'' approval for 100 per cent disinvestment of government stake in RINL, also called Visakhapatnam Steel Plant or Vizag Steel, along with RINL's stake in its subsidiaries/joint ventures through strategic disinvestment by way of privatisation.

When asked about Tata Steel's interest in acquiring RINL, Narendran replied in affirmative.

"Yes! Also, because for inorganic growth for long product opportunities.There is a great opportunity because it is east as well as it is south, it is a coastal plant so there are many advantages.

Kolkata-based Tata Steel Long Products is in the business of manufacturing high alloy steel, primarily for the auto sector and wire rope industry. With one million tonne capacity, it is one of the largest specialty steel plants in India in the long product segment.