The Indian government has received interest from 22 companies, including six international investors, against the expression of interest (EoI) floated for the privatization of government-run steel producer Rashtriya Ispat Nigam Limited (RINL), government sources said on Wednesday, April 19.
The sources said that the last date for submissions against the EoI is April 20, extended from April 15, after the state government of Telangana sought such an extension to submit its own bid through its coal mining company Singareni Collieries Company Limited (SCCL).
The sources said that international investors participating in the EoI stage included Indo Intertrade AG Switzerland, Indo International Trading Company, Dubai, S B International Inc, US, Global Soft Private Limited, Singapore, IMR Metallurgical Resources, Switzerland, Tata International Europe Imports and Exports, and Vadim Novinsky International, Ukraine.
Domestic steel majors submitting interest were JSW Steel Limited, Jindal Steel and Power Limited and Sri Satyam Ispat Limited.
India’s ministry of steel on Monday this week was forced to issue a statement clarifying that the “disinvestment of RINL was not frozen and was progressing”, after a junior minister created confusion with his statement that “RINL will not be privatized but strengthened”.
The Indian government on January 27, 2021 had approved 100 percent disinvestment of equity in RINL which operates a 7.3 million mt steel mill in the southern port town of Vishakhapatnam.
