Comments
As RIL is still assessing damage caused by recent Hudhud cyclone to its plant at Visakhapatnam, the government has decided to defer the initial public offer (IPO) of the state—owned steel company.
“The new timeline for the IPO of RINL would be drawn up after the company ascertains the damage,” an official said.
Cyclone Hudhud has caused damage to the RINL plant at Visakhapatnam and the company is now assessing the extent of damage.
The 10 per cent government stake sale through IPO is now likely to take place sometime in the next financial year, the official added.
Cyclone Hudhud hit Andhra Pradesh on October 12, forcing Rashtriya Ispat Nigam Ltd’s (RINL) to stop production at its lone facility at Visakhapatnam due to failure of power supply.
According to estimates, its impact on state—run steel maker RINL’s profitability is about Rs 350 crore.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.