RINL Q1 turnover Rs 5000 crore

Visakhapatnam: With the market showing signs of recovery, Rashtriya Ispat Nigam Limited, the corporate entity of Visakhapatnam Steel Plant, has posted a turnover of Rs 5,223 crore during the first quarter of current fiscal.

The Department of Public Investment and Public Assets Management (DIPAM), under the Ministry of Finance has already started the process for 100 per cent strategic disinvestment of RINL, its joint ventures and subsidiaries.

DIPAM recently issued separate notifications for appointment of a transaction advisor and legal advisor to implement the disinvestment process. The Cabinet Committee on Economic Affairs (CCEA) on January 27 had accorded in-principle clearance to the proposal for sale of Government of India shareholding in RINL by way of privatisation. The company's sale of saleable steel during the first quarter of FY 2021-22 stood at 10.43 lakh tonnes against 6.78 lakh tonnes of CPLY registering a growth of 54 per cent. A company spokesman told Bizz Buzz that the turnover stood at of Rs 5,223 crore as against Rs 2,306 crore of CPLY, registering a growth of 126 per cent.

During Q1, saleable steel production was 12.37 lakh against 6.26 lakh tonnes registering a growth of 98 per cent. Saleable steel volume in domestic sales stood at 7.43 lakh tonnes against 3.67 lakh tonnes of CPLY, registering a growth of 103 percent Notwithstanding the fallout of COVID-19 pandemic during 2020-21, RINL achieved a turnover of Rs 18,000 crore, the second-highest-ever since its inception. It had registered an impressive growth of 13 per cent. The sales volumes reached 4.45 million tonnes recording a growth of 4 per cent.