Rashtriya Ispat Nigam
Encyclopedia
Rashtriya Ispat Nigam Limited (RINL), also known as Vizag Steel
, is an India
n government-owned
steel
producer. Based in Visakhapatnam
, RINL has been awarded the Navaratna
status, with accompanying autonomy of operations, due to its strong financial performance.
, Indira Gandhi
. Originally, intended as a plant of the state-owned Steel Authority of India Limited
, RINL was established as a separate company in 1982, just before the start of its operations.
RINL is wholly owned by the Government of India
. In November 2010, the company was granted the Navratna status by the Government of India.
In September 2011, the government announced plans to divest 10% of its stake in RINL via an initial public offering
.
RINL is investing in the first phase of expanding its capacity, to target production of 6.3 million tonnes of steel a year by 2012.
In the next phase of its expansion to be completed by 2015, it plans to invest to add another 4 million tonnes to its annual capacity. In addition, it plans to invest to add capacity for the production of 4 million tonnes of specialized steel. Its annual capacity is expected to reach almost 15 million tonnes by 2015.
Vizag Steel
Visakhapatnam Steel Plant,opened by popularly known as Vizag Steel , is one of the major steel producers in India. Vizag Steel Plant has been conferred Navratna status on 17 November 2010. Founded in 1971, the company focuses on producing value-added steel, with 214,000 tonnes produced in August...
, is an India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
n government-owned
Government-owned corporation
A government-owned corporation, state-owned company, state-owned entity, state enterprise, publicly owned corporation, government business enterprise, or parastatal is a legal entity created by a government to undertake commercial activities on behalf of an owner government...
steel
Steel
Steel is an alloy that consists mostly of iron and has a carbon content between 0.2% and 2.1% by weight, depending on the grade. Carbon is the most common alloying material for iron, but various other alloying elements are used, such as manganese, chromium, vanadium, and tungsten...
producer. Based in Visakhapatnam
Visakhapatnam
Visakhapatnam is a major sea port on the south east coast of India. With a population of approximately 1.7 million, it is the second largest city in the state of Andhra Pradesh and the third largest city on the east coast of India after Kolkata and Chennai. According to the history, the city was...
, RINL has been awarded the Navaratna
Navaratna
Navaratna is literally a Sanskrit compound word meaning "nine gems".-Royal setting:The ancient origin of the 9 Gems—called Navaratna in Sanskrit, Hindi, Burmese, Indonesian, and Nepalese, Navarathinam in Tamil, Navarathnalu in Telugu,Navarathnam in Malayalam, Navaratne in Singhalese, Nopparat in...
status, with accompanying autonomy of operations, due to its strong financial performance.
History
The plans for a steel plant in Visakhapatnam were announced in 1971 by then Prime Minister of IndiaPrime Minister of India
The Prime Minister of India , as addressed to in the Constitution of India — Prime Minister for the Union, is the chief of government, head of the Council of Ministers and the leader of the majority party in parliament...
, Indira Gandhi
Indira Gandhi
Indira Priyadarshini Gandhara was an Indian politician who served as the third Prime Minister of India for three consecutive terms and a fourth term . She was assassinated by Sikh extremists...
. Originally, intended as a plant of the state-owned Steel Authority of India Limited
Steel Authority of India Limited
Steel Authority of India Limited from 116950 The company's current chairman is C.S Verma. With an annual production of 13.5 million metric tons, SAIL is the 14th largest steel producer in the world....
, RINL was established as a separate company in 1982, just before the start of its operations.
RINL is wholly owned by the Government of India
Government of India
The Government of India, officially known as the Union Government, and also known as the Central Government, was established by the Constitution of India, and is the governing authority of the union of 28 states and seven union territories, collectively called the Republic of India...
. In November 2010, the company was granted the Navratna status by the Government of India.
In September 2011, the government announced plans to divest 10% of its stake in RINL via an initial public offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
.
Operations
RINL operates a 3 million tonne per annum capacity steel plant in Visakhapatnam.RINL is investing in the first phase of expanding its capacity, to target production of 6.3 million tonnes of steel a year by 2012.
In the next phase of its expansion to be completed by 2015, it plans to invest to add another 4 million tonnes to its annual capacity. In addition, it plans to invest to add capacity for the production of 4 million tonnes of specialized steel. Its annual capacity is expected to reach almost 15 million tonnes by 2015.