| Type | Public-sector undertaking |
|---|---|
| Industry | Steel |
| Founded | February 18, 1982[1] |
| Headquarters | Visakhapatnam, India |
| Key people | A P Choudhary, Chairman & MD |
| Products | Steel |
| Revenue | 106.35 billion (US$2.02 billion) (2010)[2] |
| Net income | 7.97 billion (US$151.43 million) (2010) |
| Website | www.vizagsteel.com |
Rashtriya Ispat Nigam Limited (RINL), also known as Vizag Steel, is an Indian government-owned steel producer. Based in Visakhapatnam, RINL has been awarded the Navaratna status, with accompanying autonomy of operations, due to its strong financial performance.[3]
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.
RINL is wholly owned by the Government of India. In November 2010, the company was granted the Navratna status by the Government of India.[4]
In September 2011, the government announced plans to divest 10% of its stake in RINL via an initial public offering.[5]
RINL operates a 3 million tonne per annum capacity steel plant in Visakhapatnam.[6]
RINL is investing 125 billion (US$2.38 billion) in the first phase of expanding its capacity, to target production of 6.3 million tonnes of steel a year by 2012.[2][7]
In the next phase of its expansion to be completed by 2015, it plans to invest 70 billion (US$1.33 billion) to add another 4 million tonnes to its annual capacity. In addition, it plans to invest 250 billion (US$4.75 billion) to add capacity for the production of 4 million tonnes of specialized steel. Its annual capacity is expected to reach almost 15 million tonnes by 2015.[8]