Disinvestment in Steel Plant by Nov 16

The process of disinvestment of 10 per cent shares of Rashtriya Ispat Nigam Limited

Published: 31st July 2014 07:26 AM  |   Last Updated: 31st July 2014 07:26 AM   |  A+A-

VISAKHAPATNAM: The process of disinvestment of 10 per cent shares of Rashtriya Ispat Nigam Limited (RINL) would be completed before November 16, now that the Government of India has extended the ‘Navaratna’ status of the Steel Maker till November 16, Ministry of Steel secretary G Mohan Kumar has said.

After attending a seminar at the Visakhapatnam Steel Plant (VSP) here Wednesday, Mohan Kumar told mediamen that necessary steps were taken to increase steel consumption in the country even as several projects were being anticipated. As against their capacity of 100 MT, all the steel plants in India were currently producing 80 MT only.

Presently, the country was following the 2005 steel policy, which however would be replaced soon with a new one to be announced in the present fiscal, he informed.

When asked about the proposal to set up a new steel plant at Bayyaram, he said that it was not easy to establish a new steel plant. Meanwhile, efforts were being made to provide more captive iron mines to the VSP, he explained. RINL chairman-cum-managing director P Madhusudan was present.

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