Rashtriya Ispat Nigam Limited (Visakhapatnam Steel Plant)
The state-owned company behind the Visakhapatnam Steel Plant, India's only shore-based integrated steel plant in the government sector, with 7.3 million tonnes a year of liquid-steel capacity. With its net worth wiped out and bank loans in default, the Union Cabinet approved a Rs 11,440 crore revival plan in January 2025.
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How we verify →The state-owned company behind the Visakhapatnam Steel Plant, India's only shore-based integrated steel plant in the government sector, with 7.3 million tonnes a year of liquid-steel capacity. With its net worth wiped out and bank loans in default, the Union Cabinet approved a Rs 11,440 crore revival plan in January 2025.
What happened
RINL runs the Visakhapatnam Steel Plant, which the Ministry of Steel describes as 'the only offshore steel plant under Government sector in the state of Andhra Pradesh', with an installed capacity of 7.3 million tonnes a year of liquid steel. It is a Schedule A CPSE under the Ministry of Steel, 100% owned by the Government of India.
According to the Cabinet's January 2025 release, RINL's 'financial condition is critical': its net worth on 31 March 2024 was Rs (-)4,538 crore, current liabilities of Rs 26,114.92 crore far exceeded current assets of Rs 7,686.24 crore, it had exhausted its bank borrowing limits, and it defaulted on capital-loan repayments and interest in June 2024.
On 17 January 2025 the Cabinet Committee on Economic Affairs approved a revival plan of Rs 11,440 crore: Rs 10,300 crore of fresh equity and conversion of a Rs 1,140 crore working-capital loan into preference shares, 'to keep RINL as a going concern'. In April to December 2024 RINL reported total income of Rs 12,615.03 crore and a loss before tax of Rs 3,943.43 crore, and total liabilities of about Rs 38,965 crore on 31 December 2024.