The Indian government will not go ahead with disinvesting its 10 percent equity holding in Indian steelmaker Rashtriya Ispat Nigam Limited (RINL) in the current 2015-16 financial year, an official at India’s Ministry of Steel said on Wednesday, December 2.
The ministry official said that adverse capital market conditions and concerns over depressed steel prices are the major reasons for not pushing ahead with the initial public offer (IPO) of the wholly government-owned steel company. The IPO of RINL through sale of equity held by the government was deferred several times since the first proposal in 2013, the official said.