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When asked about Tata Steel`s interest in acquiring RINL, Narendran replied in affirmative.
RINL, under the Ministry of Steel, owns and operates a 7.3 million tonnes plant in Visakhapatnam, Andhra Pradesh. It holds the distinction of being India`s first shore-based integrated steel plant.
Domestic steel giant Tata Steel is interested in acquiring state-owned Rashtriya Ispat Nigam Limited (RINL), the company`s Chief Executive Officer (CEO) and Managing Director T V Narendran said.
its `in-principle` approval for 100 per cent disinvestment of 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.
When asked about Tata Steel`s interest in acquiring RINL, Narendran replied in affirmative.
"Yes! Also, because for inorganic growth for long product opportunities... There is a great opportunity because it is east as well as it is south, it is a coastal plant so there are many advantages...," he told PTI.
RINL has approximately 22,000 acre of land and enjoys access to Gangavaram Port, where raw materials such as coking coal etc arrives.
Since RINL is located on the eastern coast of India, the acquisition will give Tata Steel more access to the South East Asian markets -- where the company already has presence -- besides catering to the domestic needs of special steel through rail and road.
The CEO further said Tata Steel has submitted Expression of Interest (EoI) for Odisha-based steel maker Neelachal Ispat Nigam Ltd (NINL) as well. NINL is a joint venture company, in which four central PSUs -- MMTC, National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (BHEL) and MECON -- and two Odisha government companies IPICOL and Odisha Mining Corporation (OMC) are shareholders.
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