It is a known fact that the Narendra Modi led Central government gave its nod to privatise state-owned Rashtriya Ispat Nigam Limited (RINL), fondly known as Visakhapatnam Steel Plant or Vizag Steel.
Now, Tata Steel said the domestic steel giant is interested in acquiring RINL. The company’s Chief Executive Officer (CEO) and Managing Director T V Narendran confirmed this development.
“Yes! Also, because of inorganic growth for long product opportunities… There is a great opportunity because it is east as well as it is south. It is a coastal plant, so there are many advantages…,” he said.
RINL, under the Ministry of Steel, owns and operates a 7.3 million tonnes plant in Visakhapatnam, Andhra Pradesh. It holds the distinction of being India’s first shore-based integrated steel plant.
Due to its proximity to the Gangavaram port, it is easy to transport raw materials such as coal, which is located on the east coast of India. The CEO further said Tata Steel has submitted an Expression of Interest (EoI) for Odisha-based steel maker Neelachal Ispat Nigam Ltd (NINL) as well.
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