New Delhi: Giant Steel Domestic Tata Steel Interested in Acquiring Rashtriya Ispat Nigam Limited (Rinl), Chief Executive Company (CEO) and Managing Director T V Narendran said.
Rinl, under the Ministry of Steel, has and operates a factory of 7.3 million tons in Visakhapatnam, Andhra Pradesh.
It holds the difference in the first Indian coast-based integrated steel plant.
The Cabinet Committee on Economic Affairs (CCEA) on January 27, gave approval ‘in principle’ to be resolved 100 percent of government ownership in Rinl, also called Visakhapatnam Steel Plant or Vizag Steel, along with Rinl shares in subsidiaries / joints.
Ventures through strategic conservation by means of privatization.
When asked about Tata Steel’s interest in acquiring Rinl, Narendran answered affirmatively.
“Yes! Also, due to inorganic growth for long product opportunities …
there is a big chance because East also in the south, it is a beach plant so there are many benefits …” he told PTI.
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Rinl has around 22,000 hectares of land and enjoys access to the port of Garavaram, where raw materials such as cooking coal etc.
Because Rinl is located on the east coast of India, the acquisition will provide more steel access to the Southeast Asian market – where the company already has a presence – in addition to serving special steel domestic needs through rails and roads.
The CEO further said Tata Steel has sent an interest in the interest (EOI) for Odisha Neelachal Steel Maker Nigam Ltd.
(Ninl).
NINL is a joint venture, where four PSUS Central – MMTC, National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (Bhel) and Mecon – and two government companies Odisha Ipicol and Odisha Mining Corporation (OMC) are shareholders.
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In January 2020, the center gave a principle approval for NINL’s strategic sales by allowing six PSU shareholders to sell their shares in the steel company.
EOI has been submitted by Tata Steel Long Products Ltd, he said.
Narendran said, “We have conducted a thorough test, we participated in the process.
I think we have some time to enter our offer, etc.
So, we will make a call, when we need to decide.
We have sent EOI.
We have sent EOI.
We have sent EOI but unlike steel Tata but as a long product of Tata Steel.
The long product of Kolkata-based steel is in the high alloy steel making business, especially for the automatic sector industry and wire rope.
With a capacity of one million tons, it is one factory The largest special steel in India in a long product segment.
Tata Steel Interested in Acquiring Rinl Based Vizag: CEO TV Narendran
