India Government Approves ₹11,440 Crore Infusion for RINL

The Indian government has approved a significant financial package of ₹11,440 crore for Rashtriya Ispat Nigam Limited (RINL), a debt-laden public sector steel company. The package includes a fresh equity infusion of ₹10,300 crore and the conversion of a ₹1,140 crore working capital loan into non-cumulative preference share capital. This move aims to resolve RINL's legacy issues and ensure its operational stability. The Visakhapatnam Steel Plant, operated by RINL, is crucial for India's steel sector and employs over 13,000 people. The revival plan will help restart blast furnaces, with two expected to be operational soon and all three by August 2025.

Source: Business Standard, New Indian Express, Hindustan Times