VISAKHAPATNAM: The Centre has once again reiterated its stand to fully disinvest its stake in Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant (VSP).
This was clarified by Union Minister of State for Steel Bhupathiraju Srinivasa Varma, in a written reply to a question posed by YSRCP Rajya Sabha member YV Subba Reddy.
Srinivasa Varma said the Cabinet Committee on Economic Affairs (CCEA), in its meeting held on January 27, 2021, had accorded ‘in-principle’ approval for the 100% disinvestment of Government of India’s stake in RINL, along with management control.
Addressing speculation around a possible merger, the Union Minister clarified that no proposal is currently under consideration for merging RINL with Steel Authority of India Limited (SAIL). In response to questions about the assistance provided to RINL, he informed that a total support package of Rs 11,440 crore was approved to help keep the steel plant operational.
1,017 RINL staff opted for VRS: Centre
The last date to submit applications under the scheme was July 15, 2025, while the deadline to withdraw applications was July 18. As of the closing date, a total of 1,017 employees had opted for the VRS.
However, the Union Minister did not mention any immediate plans to monetise RINL’s land assets by selling them to private entities.
The clarification comes amid ongoing discussions about the future of RINL, which has faced financial challenges in recent years.