“There is no freeze on the disinvestment process of RINL,” the statement said.
However, efforts are being made by the company to improve the performance of RINL, it added.
Under the Ministry of Steel, Rashtriya Ispat Nigam owns and operates a steel plant with an annual capacity of about 7 million tonnes (MT) located at Visakhapatnam in Andhra Pradesh.
RINL’s Vizag steel plant is the country’s first shore-based plant where the company manufactures various special products.
The Cabinet Committee on Economic Affairs (CCEA) on January 27, 2021, gave its ‘in-principle’ approval for 100 per cent disinvestment of the government stake in RINL, also called Visakhapatnam Steel Plant or Vizag Steel, along with RINL’s stake in its subsidiaries/joint ventures through strategic disinvestment by way of privatisation.