Business
Adani, Tata And JSW In Fray For Govt's Proposed RINL Divestment Bid: Report
RINL logo (Pic Via Wikipedia)
The government is planning to invite expressions of interest for the divestment of Rashtriya Ispat Nigam Limited (RINL) and its subsidiary by the end of January 2023.
Tata Steel, JSW Steel and Adani Group have reportedly shown interest in the entity during pre-bid consultations held in early December.
The government held roadshows in November and December to discuss the strategic sale with major steel firms.
The valuation of the company is expected to be finalised by December-end, and the government is proposing to sell 100 per cent stake in one go.
The Cabinet Committee on Economic Affairs had given in-principle approval in January 2021 for the sale of 100 per cent strategic disinvestment of the government shareholding in RINL.
"We have received very positive responses for RINL during the roadshows. Seven companies, including Tata Steel, Adani Group and JSW Steel, have expressed strong interest," one of the people familiar with the development was quoted by Economic Times as saying.
The company is one of the top six steel producers in India, with an annual capacity of around 7.5 million tonnes. It reported a profit of Rs 913 crore and a turnover of Rs 28,215 crore for the 2021-22 fiscal year.
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