Over ₹10,000 crore has been approved by India to revitalize the state-owned steel company RINL.

On Friday, January 17, India intends to invest about ₹10,000 crore in the revival plan of Rashtriya Ispat Nigam Limited (RINL), a state-owned steel manufacturing company.

Union Minister Ashwini Vaishnaw claims that on Friday, January 17, Prime Minister Narendra Modi authorized a ₹11440 crore allocation package for the restoration of the state-owned Rashtriya Ispat Nigam Limited (RINL).

The Minister said in an official statement that "Honorable Prime Minister Shri Narendra Modi ji has approved a package of ₹11,440 crore rupees for the revival of Rashtriya Ispat Nigam Limited (RINL)."

The Union Minister claims that a working capital loan of ₹1,140 crore that has been converted into preferred share capital and a new financial infusion of ₹10,300 crore make up the Government of India's total package of the revival plan.

"This ₹11,440 package includes a ₹10,300 crore new equity infusion and a ₹1,140 crore conversion of a working capital loan into preferred share capital," he stated.

The role of RINL in Indian Steel
Vaishnaw further emphasized the company's significant role in India's steel industry and the fact that the recovery plan is intended to address the "legacy problems that RINL used to face."

As everyone is aware, R.I.N.L. holds a unique place in the steel industry as a whole. According to the union minister, it is one of those plants that may be found at Vizag on the Andhra Pradesh coast.

Vaishnaw further promised that the government will prioritize modernizing the Andhra Pradesh facility and obtaining raw materials for the business in the midst of the revival efforts.

"With this, Andhra Pradesh will have a major steel plant revived in the coming days, and all RINL employees and those involved in the company's economic activities will benefit greatly," he said.

Additionally, Prime Minister Narendra Modi used the occasion to emphasize the value of Aatmanirbhar Bharat in the steel sector.

The people of Andhra Pradesh hold a particular place in their hearts and thoughts for the Visakhapatnam Steel Plant. It was decided to give the plant equity support of more than Rs. 10,000 crore during yesterday's Cabinet meeting. In a platform X social media post, Prime Minister Narendra Modi stated, "This has been done with an understanding of the importance of the steel sector in building an Aatmanirbhar Bharat."

The minister emphasized RINL's future intentions, stating that the business will begin operations with two glass furnaces and intend to start all three by August 2025.