The Indian government has put up for sale six state-owned steel plants, including Rashtriya Ispat Nigam Limited (RINL).
The ministry confirms that no state-owned metallurgical plant has been sold over the past five years, and the decline in investment in central public sector enterprises (CPSE), including steel mills, has been driven by a new public sector enterprise policy for Atmanirbhar Bharata (Self-Sufficient India).
“Under the new policy, the existing TSPs were broadly classified as strategic and non-strategic sectors,” says union state finance minister Bhagwat Kishanrao Karad. “In the strategic sector, the existing PPs at the holding company level will remain under state control. In the non-strategic sector, including steel mills, SOEs will be considered for privatization or closure. ”
RINL, Neelachal Ispat Nigam Limited, NMDC Integrated Steel Plant, Light Alloy Plant, Visvesvaraya Metallurgical Plant and Salem Metallurgical Plant are steel companies for sale. This is approved by the federal cabinet.
RINL, an integrated state-owned steel plant with a production capacity of 6.3 Mtpa, reported a turnover of INR 5,223 crores ($ 701.11 million) in the first quarter of the fiscal year ended June 30.