Schedule a Call Back
RINL’s Vizag Steel struggling; needs financial aid
Industry News- Jul 05,24
India aims to produce 300 million tonnes of steel annually, and increasing Vizag Steel’s output is seen as a vital contribution to this goal.
In a review meeting with the board of the public sector enterprise, Heavy Industries and Steel Minister HD Kumaraswamy emphasised the need for a strategic plan to revitalise Vizag Steel. He highlighted that the ministry is prepared to develop a funding plan once the company takes steps to increase production and capacity.
Vizag Steel, operated by Rashtriya Ispat Nigam Limited, has been struggling financially. Kumaraswamy directed the officials to enhance steel production as a crucial step towards overcoming the financial challenges.
Kumaraswamy instructed Vizag Steel officials to boost steel production to improve the company’s financial health. The ministry will formulate a plan to infuse funds into Vizag Steel after the company demonstrates efforts to increase capacity. A comprehensive revival plan was requested to address the company’s challenges and outline steps for improvement. India aims to produce 300 million tonnes of steel annually, and increasing Vizag Steel’s output is seen as a vital contribution to this goal.
The minister’s intervention underscores the government’s commitment to supporting Vizag Steel and ensuring its contribution to the country’s steel production targets.
(Source: Moneycontrol)
Related Stories
Automation & Robotics
Are IIOT sales strategies holding up adoption of Industry 4.0 in manufacturing?
As Industry 4.0 matures, Industrial IOT (IIOT) platforms will be the backbone of digital transformation. But adoption depends as much on how they are sold as on what they deliver, write R Jayaraman ..
Read moreOther Industrial Products
Digitalisation and innovation drive Indian stainless steel industry growth
India’s stainless steel industry is entering a phase where digitalisation, smart factories, and advanced materials will drive competitiveness and sustainability. Sanjay Mishra, Chief Digital & Inf..
Read moreMachine Tools & Accessories
Charting a ‘self-reliant path’ for India’s stainless steel industry
For India, achieving self-reliance in stainless steel is not just an industrial goal; it is a national imperative for building a resilient, competitive, and future-ready economy, writes Rajamani Kri..
Read moreRelated Products
Heavy Industrial Ovens
INDUSTRIAL SUPPLIES
Hansa Enterprises offers a wide range of heavy industrial ovens.
High Quality Industrial Ovens
INDUSTRIAL SUPPLIES
Hansa Enterprises offers a wide range of high quality industrial ovens. Read more
Hydro Extractor
INDUSTRIAL SUPPLIES
Guruson International offers a wide range of cone hydro extractor. Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
