Rs 1,640-Cr Lifeline To Vizag Steel

New Delhi: The government has infused around Rs1,650 crore in state-owned RINL, gripped with operational and financial issues, according to an official document. The government is also taking various measures to keep RINL as a going concern, the Ministry of Steel said in a note. “In this regard, the Government of India has infused Rs500 crore towards equity on September 19, 2024, and a working capital loan of Rs1,140 crore on September 27, 2024,” according to the document.

It also said that SBICAPS, a wholly-owned subsidiary of the State Bank of India (SBI), is preparing a report on the sustainability of RINL.

“RINL is in serious financial trouble, and the (Steel) Ministry is taking several steps to keep RINL as a going concern in consultation with the Ministry of Finance,” it added.