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

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.
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