India’s cash-strapped government-run steel producer Rashtriya Ispat Nigam Limited (RINL) has identified idle surplus land to be monetised and to raise INR 2 billion ($23 million) in the fiscal year 2025-26, with the proceeds to go to meet the operational expenses of the steel mill, company sources said on Wednesday, May 28.
The sources said that in the fiscal year 2024-25 RINL had raised an estimated INR 2.48 billion ($29 million) through the sale of idle parcels of land.
It may be noted that the Indian government last year had sanctioned a revival fund for RINL estimated at $1.33 billion including equity capital infusion and a working capital loan to get the company’s 7.3 million mt per year capacity steel mill located in the southern port town of Vishakhapatnam operational again.
Reviving RINL is vital for ensuring the long-term stability of India’s steel sector. It will enable the company to gradually ramp up to full production capacity, the sources said.
