New Delhi, Jan 17 (UNI) The Central government has approved a Rs 11,440 crore revival package for struggling state-owned Rashtriya Ispat Nigam Ltd (RINL), the corporate entity of Vizag Steel in Andhra Pradesh.
“Prime Minister has approved a package of Rs 11,440 crore for the revival of RINL,” said Union Information and Broadcasting (I&B) Minister Ashwini Vaishnaw, stating that the steel maker has a special position in the entire steel industry.
The Minister said with this revival package, many of the historical legacy problems which the RINL has been facing will be resolved.
“Simultaneously, a lot of effort is going to be put on securing the raw material for RINL and for modernisation of the plant,” Vaishnaw said.
As per the Minister, the revival package for the steel company includes fresh equity infusion to the tune of Rs 10,300 crore and conversion of a working capital loan into preference share capital of Rs 1,140 crore.
“With this, all the employees of RINL as well as all the people connected with the economic activities of RINL will be immensely benefitted and Andhra Pradesh will get a major steel plant revived in the coming days. Very soon, RINL will start functioning with two blast furnaces and by August the plant will start all three blast furnaces,” Vaishnaw said.
Andhra Pradesh Chief Minister N Chandrababu Naidu hailed the Central government’s decision to approve the revival package for RINL and said it will contribute to nation building.
“Today marks a historic moment etched in steel. It is an emotional and proud moment for the people of Andhra Pradesh, as the Union Government, in response to GoAP’s consistent efforts since the formation of the NDA Government, has approved financial support of Rs. 11,440 crore to revive the Vizag Steel Plant,” he said in a post on ‘X’.
He further said, “The Vizag Steel Plant is more than just a factory — it stands as a monument to the struggles and spirit of the people of Andhra Pradesh, holding a special place in the hearts of all, especially the people of Vizag. This was not merely an election promise; it was a deeply personal commitment we were determined to honour. Good days ahead for Andhra Pradesh!”
