RINL targets 19% sales growth during FY-14

Hyderabad: Rashtriya Ispat Nigam Limited (RINL) which operates Vizag Steel Plant has set a target to achieve 24 per cent upswing in production and 19 per cent growth in sales for the new financial year beginning on April 1, 2013. It also aims at increasing its gross margins by 30 per cent from `1,301 crore gross profits it generated in 2011-12 D R S Chaudary, Secretary, Ministry of Steel and A P Choudhary, Chairman and Managing Director, RINL signed a Memorandum of Understanding in New Delhi on Monday, which set these financial and production targets for the company.A "The MOU envisages a growth of 24 per cent in production, 19 per cent in sales and 30 per cent gross margin as the likely achievements during 2012-13," RINL said in a statement. Besides, the steel maker will focus on enhancing production from the new units during the new fiscal. "The new blast furnace has already produced 1 million tonnes of hot metal which will be doubled in 2013-14 and several new products have also been planned in the ensuing year," it added, However, the challenging tasks for the company will be dovetailing of existing units with new units, stabilization of new units and ramping up production. Lokesh Chandra, Joint Secretary and H L Meena, Director, Ministry of Steel participated in the event.

SAIL-RINL merger proposal rebooted New Delhi (PTI): A Parliamentary Panel has again asked government to consider its proposal of merging RINL with SAIL.A "While reiterating their recommendation on revisiting the proposal for merger of RINL with SAIL, the Committee desire the government to clearly specify its stand on the issue and apprise it on the same," Committee on Public Undertaking has said in a recent report. The merger would help the two state-run steel makers to acquire global size of operation, it had earlier observed. The panel had also said the merger would also enable them to synergise operation and bring down the cost of production.