It looks like the Big Giant of India is on the move as the sources suggest Tata Steel is interested in obtaining states Rashtriya Ispat Nigam Limited (RINL).
the chief of Executive Officer and managing director T. V. Narendran told to media that Rashtriya Ispat Nigam Limited (RINL) comes under the state Ministry of Steel and owns not less than 7.3 Million tonnes plant in Visakhapatnam, Andra Pradesh.
additionally, it also holds a record of being India’s First Steel plant which is Shore-based.
On Saturday CCEA (The Cabinet Committee on Economic Affairs) of state gave the approval to 100% privatization of gov stake in RINL, which is also known as Visakhapatnam Steel Plant including the RINL stake in its joint investment through step by step privatization.
and when reporters ask about Tata Steel’s interest in acquiring it Narendran answered in a positive response.
RINL has authority over many things like 22,000 Acres of land, Gangavaram Port where coking coal-like processes are taken place.
And more to that it is a South-Eastern port that can provide great access to South Asian Markets and Tata Steel is interested in the estate.
further ore CEO also told that TATA Steel already submitted EOI for Odisha- Steel creator Neelachal Ispat Nigam Ltd (NINL).
but here the exciting thing is NINL is a joint enterprise company and in which PSUs-MMTC, MECON, Bharat Heavy Electricals Ltd (BHEL) and National Mineral Development Corporation (NMDC), and other two Odisha Government companies are a shareholder.
Above all of it, the Government of India has already given in-principal approval of step by step dissolution of shares of NINL by allowing above other six shareholders to sell their Stock in this steel company.
the CEO also confirmed that TATA Steel has submitted EOI by saying that they have done due application, and they are going to participant in that process.
they also cleared that they have a complete interest in biding thus they have submitted EOI as a Tata Steel Long Product in the place of Tata Steel.