You are here: Home > Steel News > Latest Steel News > Indian...

Indian government indicates privatization of RINL only after discussion with stakeholders

Wednesday, 20 December 2023 15:40:16 (GMT+3)   |   Kolkata
       

The expression of interest (EoI) for privatization of Indian government owned steel producer Rashtriya Ispat Nigam Limited (RINL) will only be floated after discussions with all stakeholders, the government informed Parliament on Wednesday and the first official indication that the privatization process has been put on the backburner.

“EoI for strategic disinvestment requires broad contours of the transaction, including core and non-core land and assets, which would form part of transaction. These issues are to be settled after discussion with various stakeholders before the EoI for this transaction can be issued. The EoI (for RINL) has not been issued,” junior minister of finance Bhagwat Karad informed Parliament.

As per government rules transaction of strategic disinvestment of a government run enterprise follows a two-stage process. In the first stage, Expression of Interest (EoI) is invited from prospective bidders.

In the second stage, qualified interested bidders are allowed to carry out due diligence on the CPSE. Following the submission of financial bids, the reserve price is fixed and then valid financial bids from qualified bidders are opened and based on the best bid, the letter of intent is issued to the selected strategic buyer.

RINL operates a 7.3 million mt steel mill at southern port town of Vishakhapatnam.


Similar articles

Indian government infuses $196 million into RINL to sustain its operations

05 Nov | Steel News

India’s RINL shuts down second BF, on verge of closure amid financial crisis

16 Sep | Steel News

India’s RINL floats export tender for 20,000 mt of billet for end-Oct shipment

09 Sep | Longs and Billet

India’s RINL floats export tender for 30,000 mt of billet for end-Oct shipment

06 Sep | Longs and Billet

India’s RINL floats export tender for 5,000 mt of rebar for October shipment

03 Sep | Longs and Billet

India’s RINL floats export tender for 30,000 mt billet for mid-October shipment

27 Aug | Longs and Billet

India’s RINL floats second billet export tender, for 20,000 mt, for early Oct shipment

20 Aug | Longs and Billet

India’s RINL floats export tender for 30,000 mt of billet for early Oct shipment

19 Aug | Longs and Billet

India’s RINL floats billet export tender for 30,000 mt for end-Sept shipment

12 Aug | Longs and Billet

India’s RINL floats export tender for 20,000 mt of billet for end-Sept shipment

07 Aug | Longs and Billet