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Visakhapatnam Steel Plant is in talks with banks to mobilise fresh loans to meet working capital needs.
“Rashtriya Ispat Nigam Limited (RINL) has taken up the matter with lending banks for fresh loans at competitive interest rates to ensure working capital requirements etc,’’ Faggan Singh Kulaste, Minister of State for Steel said while responding to a question G V L Narasimha Rao in the Rajya Sabha.
To reduce the cost of raw-material of RINL, Ministry of Steel has taken up with Ministry of Coal for supply of domestic coking coal and thermal coal to plant, he said.
It requested State Government of Odisha for allocation of an iron ore block to RINL by way of reservation to government companies.
“RINL has also requested State Governments viz. Odisha, Chhattisgarh and Andhra Pradesh for recommending reservation of iron ore deposits under Section 17A(2A) of MMDR Act, 2015, to Ministry of Mines,’’ Kulaste said.
RINL has been participating in allocation of Iron Ore mines through e-auction by the State Governments, but has not yet been able to secure the mining lease.
PRIVATISATION
There was no move to merge RNIL with SAIL, the minister said hinting that the proposed divestment of VSP is on the cards.
As per the New Public Sector Enterprise (PSE) Policy for Atmanirbhar Bharat notified by the Government of India, the existing Public Sector Enterprises (PSEs) have been broadly classified under Strategic and Non-strategic Sectors.
PSEs in the non-strategic sectors shall be considered for privatisation, where feasible, otherwise such enterprises shall be considered for closure.
“In line with new PSE Policy, the Government has accorded an in-principle approval for 100% disinvestment of Government of India (GoI) shareholding in Rashtriya Ispat Nigam Ltd. alongwith RINL’s stake in its Subsidiaries / Joint Ventures through strategic disinvestment,’’ the Union Minister said.
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