Cabinet Approves ₹11,440 Revival Package For Rashtriya Ispat Nigam Limited (RINL)

Daily Current Affairs / Cabinet Approves ₹11,440 Revival Package For Rashtriya Ispat Nigam Limited (RINL)

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Category : Business and economics Published on: January 20 2025

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The Union Cabinet has approved a package of Rs 11,440 crore to bail out debt-ridden public sector company (PSU) Rashtriya Ispat Nigam Limited (RINL) or Vizag Steel.
The package will involve conversion of working capital loan of Rs 11,440 crore in the form of equity capital of Rs 10,300 crore and non-cumulative preference share capital of 7 percent, redeemable after 10 years.
The Government of India has established eco-sensitive zones (ESZs) around the Hunter Devi Wildlife Sanctuary, to mitigate the adverse impacts of urbanization and development.

Cabinet Approves ₹11,440 Revival Package For Rashtriya Ispat Nigam Limited (RINL)