Rashtriya Ispat Nigam
|State owned company
|Founded||18 February 1982|
|Pradosh Kumar Rath, Chairman & MD|
|Products||Wire rods, TMT Re-bars, rounds, squares, flats, angles, channels|
|Revenue||₹20,844 crore (US$3.0 billion) (2018-2019)|
|₹1,369 crore (US$200 million) (2017-18)|
|Total assets||₹31,724 crore (US$4.6 billion) (2017-18)|
|Total equity||₹7,220 crore (US$1.0 billion) (2017-18)|
|Owner||Government of India.|
Number of employees
|17617 (excluding out-source, 2018)|
|Subsidiaries||Eastern Investments Limited (EIL),The Orissa Minerals Development Company Limited (OMDC),The Bisra Stone Lime Company Limited (BSLC)|
Rashtriya Ispat Nigam Ltd, (abbreviated as RINL), also known as Vizag Steel, is a Public steel producer based in Visakhapatnam, India.Rashtriya Ispat Nigam Limited (RINL) is the corporate entity of Visakhapatnam Steel Plant (VSP), India’s first shore-based integrated Steel Plant built with state-of-the-art technology and a prime producer of long steel products in the country having extensive market in infrastructure, construction, automobile, electrical and forging industry. With an annual turnover of around `20,000 crores, VSP is gearing up production to achieve rated capacity of 7.3 Mtpa liquid steel having three Captive Mines and 25 Marketing Branches Pan India. Forged Wheel Plant is another unit of RINL being set up at Raebareli, Uttar Pradesh.
the Steel plant is located in the southern part of Visakhapatnam city, Andhra Pradesh state of India. The company also has blast furnace grade Limestone captive mine at Jaggayyapeta (Krishna District), a captive mine for Dolomite at Madharam (Khammam), a manganese ore captive mine at Cheepurupalli (Vizianagaram). It also has mining lease for river sand of river Champavathi.
Making the Impossible possible lies in man's determination and Sri Tenneti Viswanadham was one such personality. Struggle of thousands of such personalities has paved a way for establishing such a big steel plant. The activities kicked off by appointing site selection committee in June 1970 and subsequently committee report was approved for site. In January 1971, then PM of India has laid the foundation stone. Consultants were appointed in February 1971 and feasibility reports were submitted in 1972. The first block of land was taken over in April 1974. M/s M.N Dastur&Co was appointed as the consultant for preparing the detailed project report in April 1975, and in October 1977 they have submitted the report for 3.4 MTPA of liquid steel. With the government of erstwhile USSR's offer for assistance, a revised project concept was evolved. DPR for a plant capacity of 3.4 MTPA was prepared by M.s M.N.Dastur&Co in November 1980. In February 1981 contract was signed with Soviet-Union for preparation of working drawings for coke ovens, blast furnace and sinter plant. The blast furnace foundation was laid with first mass concreting in the project in January 1982. The construction of township also started.
RINL was wholly owned by the Government of India previously but due to huge loss government sold its share so it is now Public. 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.
RINL operates a 7.3 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.Its annual capacity is expected to reach almost 7.5 million tonnes by 2020. RINL plans to invest ₹60,000 crore (US$8.7 billion) to increase the capacity to 20 million tonnes by 2027.
RINL has successfully commissioned its next phase despite some major setbacks with blasts in its new blast furnace. Another unit of RINL is coming in Uttar Pradesh. With an investment of 1688 Crores,RINL is establising plant for Rail wheels under make in india initiative. This plant will be equipped with ultra modern technology. It will produce 1 lakh wheels per year.
- "RINL Formation Day Celebrated" (PDF). Rashtriya Ispat Nigam Limited. Retrieved 2 September 2011.
- "Annual Report 2012-13 (English)". Rashtriya Ispat Nigam Limited. Retrieved 27 October 2014.
- "Visakhapatnam Steel Plant unions serve strike notice". 10 June 2012.
- "India to Sell 10% Stake in Rashtriya Ispat Nigam". Wall Street Journal. 2 September 2011. Retrieved 2 September 2011.
- "Expansion Plans". Rashtriya Ispat Nigam Limited. Retrieved 2 September 2011.
- India, Press Trust of (3 October 2013). "RINL to invest Rs 60K cr to have 20 MT capacity by 2027". Business Standard India. Retrieved 23 October 2016.