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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)
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