2409:4063:6C9C:677B:6425:869B:34A9:9609: /* Operations */

2021-08-27T17:51:45Z

Operations

New page

{{short description|Public Sector Undertaking in India}}
{{Advert|date=February 2021}}
{{Use dmy dates|date=November 2020}}
{{Use Indian English|date=June 2016}}
{{Infobox company
| name = Rashtriya Ispat Nigam Limited
| logo = VIZAG-STEEL.jpg
| caption =
| type = [[Government of India|Government of India Enterprise]]
| traded_as =
| industry = [[Steel industry|Steel]] <br /> [[Iron industry|Iron]]
| fate =
| predecessor =
| successor =
| foundation = {{Start date|df=yes|1982|02|18}}<ref name=rinl-formation>{{cite news|url=http://www.vizagsteel.com/code/press/pressrelfiles/249RINL_Formation_Day_Celebrated.pdf|title=RINL Formation Day Celebrated|publisher=Rashtriya Ispat Nigam Limited|access-date=2 September 2011}}</ref>
| founder =
| defunct =
| location =
| location_city = [[Visakhapatnam]]
| locations =
| area_served =
| key_people = Deb Kalyan Mohanty <br />{{small|([[Chairman]] & [[Managing Director|MD]])}}
| products = Wire rods, TMT Re-bars, rounds, squares, flats, angles, channels, Rail Wheels
| services = Steel production
| revenue = {{increase}}{{INRConvert|18000.00|c}} (2020-2021)<ref name="Balance Sheet 2019">[https://www.nmdc.co.in/Financial%20Information/Handlers/DownloadFile.ashx?FinancialYear=2019-20&Quadrant=Q4 "Balance Sheet 31.03.2019"].</ref>
| operating_income =
| net_income = {{increase}}{{INRConvert|96.71|c}} (2018-19)<ref name="https://www.thehindu.com/news/national/andhra-pradesh/vsp-records-18000-cr-turnover-for-2020-21/article34216388.ece"/>
| assets = {{increase}}{{INRConvert|35201.31|c}} (2018-19)<ref name="Balance Sheet 2019"/>
| equity = {{increase}}{{INRConvert|7352.28|c}} (2018-19)<ref name="Balance Sheet 2019"/>
| owner = [[Government of India]] (100%)
| num_employees = 16,800 (March 2021)<ref name="Balance Sheet 2020"/>
| parent = [[Ministry of Steel]] , [[Government of India]]
| divisions =
| subsid = *[[Eastern Investments Limited]] (EIL)

| footnotes =
| intl =
| location_country = [[India]]
| homepage = {{URL|www.vizagsteel.com}}
}}

'''Rashtriya Ispat Nigam Ltd''', (abbreviated as '''RINL'''), also known as ''Vizag Steel'', is a [[Government of India|government owned steel producer]] based in [[Visakhapatnam]], [[India]]. It is under the [[ownership]] of [[Ministry of Steel]] , [[Government of India]] . RINL is the government entity of [[Visakhapatnam Steel Plant]] (VSP), India's first shore-based integrated steel plant built with state-of-the-art technology. VSP is a 7.3 MTPA plant. It was commissioned in 1992 with a capacity of 3.0 MTPA of liquid steel. The [[Government of India|government enterprise]] subsequently completed its capacity expansion to 6.3 MTPA in April 2015 and to 7.3 MTPA in December 2017. The company has one subsidiary, viz. Eastern Investment Limited (EIL) with 51% shareholding, which in turn is having two subsidiaries, viz. M/s Orissa Mineral Development Company Ltd (OMDC) and M/s Bisra Stone Lime Company Ltd (BSLC). The company has a partnership in RINMOIL Ferro Alloys Private Limited and International Coal Ventures Limited in the form of [[joint ventures]] with 50% and 26.49% shareholding respectively.

==Location==
The steel plant is in the southern part of [[Visakhapatnam]] city, Andhra Pradesh state of India. The company has blast furnace grade limestone captive mine at Jaggayyapeta (Krishna District), a captive mine for dolomite at Madharam (Khammam), a manganese ore captive mine at Cheepurupalli (Vizianagaram). It also has a mining lease for river sand on the [[river Champavathi]].

==History==
When founded in 1982, RINL was wholly owned by the [[Government of India]]. In November 2010, the company was granted the ''[[Navratna]]'' status by the government.<ref name="rinl-navratna">{{cite web|url=http://www.vizagsteel.com/code/press/pressrelfiles/34116.11.10-navratna.pdf|title=RINL conferred ''Navratna'' status|publisher=Rashtriya Ispat Nigam Limited|date=16 November 2010|access-date=2 September 2011}}</ref><ref>{{cite news| url= http://www.thehindubusinessline.com/companies/article3509492.ece| title=Visakhapatnam Steel Plant unions serve strike notice | date=10 June 2012}}</ref>
In September 2011, the government announced plans to divest 10% of its stake in RINL via an [[initial public offering]]. In February 2021, the Cabinet approved the privatisation of RINL. This decision caused massive protests in [[Visakhapatnam|Vizag City]].<ref>{{Cite web|url=http://archive.vn/t4IFg|title=Cabinet clears privatisation of Rashtriya Ispat Nigam - The Hindu Bus…|date=7 February 2021|website=archive.vn}}</ref><ref>{{Cite web|url=http://archive.vn/LNXQ3|title=Doctors in Kerala observe fast protesting anomalies in pay revision |…|date=7 February 2021|website=archive.vn}}</ref><ref name="wsj-rinl-ipo">{{cite news|url=https://www.wsj.com/articles/SB10001424053111904583204576546151478244980|title=India to Sell 10% Stake in Rashtriya Ispat Nigam|publisher=The Wall Street Journal|date=2 September 2011|access-date=2 September 2011}}</ref> The state has no equity share in the plant and the centre is withdrawing 100% of the investment, according to a statement by [[Union Finance Minister]] [[Nirmala Sitharaman]] in March 2021.<ref>{{Cite web|url=https://archive.vn/jV2OY|title=Nirmala Sitharaman clarifies on privatisation of Vizag steel plant, says AP has no equity share in it|date=9 March 2021|website=archive.vn}}</ref><ref>{{Cite web|url=https://archive.vn/SbCU8|title=VSP privatisation: Nirmala’s statement sparks protests - The Hindu|date=9 March 2021|website=archive.vn}}</ref> During the [[COVID-19 pandemic]], Oxygen Express train with 100 tonnes medical oxygen has left for Maharashtra from RINL on 22 April 2021.<ref>{{Cite web|date=2021-04-22|title=‘Oxygen Express’ Train Leaves for Maharashtra from Vizag's RINL Plant|url=https://www.news18.com/news/india/oxygen-express-train-leaves-for-maharashtra-from-vizags-rinl-plant-3667931.html|url-status=live|archive-url=https://archive.vn/dkB6k|archive-date=2021-04-25|access-date=2021-04-25|website=News18|language=en}}</ref>

==Operations==
RINL operates a 7.3 million tonne per annum capacity steel plant in Visakhapatnam.<ref name=vs-expansion>{{cite web|url=http://www.vizagsteel.com/index.asp?sm=1&url=code/Infrastr/ccp.asp|title=Expansion Plans|publisher=Rashtriya Ispat Nigam Limited|access-date=2 September 2011}}</ref> During the initial periods, the company suffered huge losses. Later the profits have gone up by 200% making it the only steel company to achieve such success. Its annual capacity is 7.5 million tonnes.

The company is operating in the Long Product segment of the Steel Industry, with the Construction and Automobile sectors as the main sectors. While the GDP
growth of the country reduced to 3.90%, the Construction and Manufacturing sectors were most affected with growth rates of 1.30% and 0.03% respectively due to such a severe external environment, the year 2019-20 turned out to be the most challenging year for the company. Due to the build-up of inventory, the company was forced to adopt an optimum production model, shutting down one of the three Blast Furnaces.</ref> https://www.vizagsteel.com/myindex.asp?tm=1&url=insiderinl/FinancialPerformance.asp</ref>

RINL has successfully commissioned its next phase despite some major setbacks with blasts in its new blast furnace. Another unit of RINL is coming in Uttar Pradesh.{{citation needed|date=February 2021}} With an investment of 1688 Crores, RINL is establishing a plant in [[Modern Coach Factory, Raebareli]] for Rail wheels under make in India initiative. This plant will be equipped with ultra-modern technology. It will produce 1 lakh wheels per year.

==References==
{{Reflist|30em}}

{{Steel industry of India}}
{{Public Sector Undertakings in India}}

{{authority control}}

[[Category:Steel companies of India]]
[[Category:Companies based in Visakhapatnam]]
[[Category:Manufacturing companies established in 1982]]
[[Category:Economy of Visakhapatnam]]
[[Category:Indian companies established in 1982]]
[[Category:Recipients of the Rashtriya Khel Protsahan Puruskar]]
[[Category:1982 establishments in Andhra Pradesh]]

Rashtriya Ispat Nigam - Revision history

2409:4063:6C9C:677B:6425:869B:34A9:9609: /* Operations */