Rashtriya Ispat Nigam

Rashtriya Ispat Nigam Limited
राष्ट्रीय इस्पात निगम लिमिटेड

Type	Public-sector undertaking
Industry	Steel
Founded	18 February 1982 (1982-02-18)
Headquarters	Visakhapatnam, India
Key people	P Madhusudan, Chairman & MD
Products	Steel
Revenue	₹125.66 billion (US$1.9 billion) (2013)
Net income	₹3.53 billion (US$52 million) (2013)
Total assets	₹24.652 billion (US$370 million) (2013)
Total equity	₹12.477 billion (US$190 million) (2013)
Website	www.vizagsteel.com

Rashtriya Ispat Nigam Ltd, (abbreviated as RINL), also known as Vizag Steel, is an Indian government-owned steel producer, Based in Visakhapatnam,

History

The plans for a steel plant in Visakhapatnam were announced in 1971 by then Prime Minister of India, 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. It has been constructed with collaboration with former USSR and Germany.

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.

Operations

RINL operates a 3 million tonne per annum capacity steel plant in Visakhapatnam.During the initial periods, the company suffered huge losses. Later the profits have gone up by 200% making it the only steel industry to achieve such target.

The firm is investing ₹125 billion (US$1.9 billion) in the first phase of expanding its capacity, to target production of 6.3 million tonnes of steel a year by 2014.

In the next phase of its expansion, it plans to invest ₹70 billion (US$1.0 billion) to add another 4 million tonnes to its annual capacity. In addition, it plans to invest ₹250 billion (US$3.7 billion) to add capacity for the production of 4 million tonnes of specialised steel. Its annual capacity is expected to reach almost 7.5 million tonnes by 2015.