The Indian government’s Department of Industrial Investment and Public Asset Management (DIPAM) overseeing the privatization of state-owned steel producer Rashtriya Ispat Nigam Limited (RINL) is “working on a transaction structure for the strategic sale” and a notice inviting bids from investors is expected to be floated in January, a government official said on Monday, December 12.
The official said that the government’s approval for 100 percent disinvestment of equity to a private investor has already been received and DIPAM is currently finalizing the structure of the transaction through which this will be done and, as per current timelines, a notice seeking bids will be floated next month.
RINL operates a 7.3 million mt steel mill at the southern port town of Vishakhapatnam.
