Union Minister Kumaraswamy holds talks with PMO over state-owned RINL revival

New Delhi: In a major step toward revitalizing the Rashtriya Ispat Nigam Limited (RINL), Union Minister of Steel H D Kumaraswamy held discussions with the Prime Minister’s Office (PMO) to outline a comprehensive strategy for the steel plant’s revival.

The Union Minister already held talks with the PMO on RINL’s revival and the Finance Ministry is likely to step-in and support the turnaround plans of the state-owned speciality steel-maker. The Finance Ministry is expected to spearhead efforts to restructure RINL’s financial obligations while ensuring the plant remains competitive in the global market, sources said.

RINL, popularly known as the Vizag Steel Plant, has been a significant contributor to India’s steel production since its inception. However, in recent years, it has faced financial constraints due to mounting debt, operational inefficiencies, and global market pressures. The revival of RINL is not just about safeguarding the plant but also about securing the livelihoods of thousands of workers and ensuring the continued development of India’s steel sector.

Kumaraswamy in his revival blueprint has focused on debt restructuring, modernization of facilities, increased private sector participation, and expanding export potential. The Finance Ministry is expected to spearhead efforts to restructure RINL’s financial obligations while ensuring the plant remains competitive in the global market.

The Prime Minister reaffirmed that a strong and self-reliant steel sector is vital to achieving India’s long-term developmental goals.

“The assurance from the PMO and the active involvement of the Finance Ministry are testament to the government’s resolve to restore RINL’s glory. This is not just about reviving a steel plant—it’s about protecting thousands of livelihoods, boosting domestic production, and reducing our reliance on imports. RINL is a symbol of India’s industrial strength and pride, and its success will inspire confidence in India’s ability to overcome any challenge,” he said.

He added, “This revival is not just for today; it will pave the way for a brighter tomorrow. A rejuvenated RINL will contribute immensely to our vision of Atmanirbhar Bharat and help us achieve the goals of Viksit Bharat 2047. It’s a challenge we must take on together—for the workers, the industry, and the nation.”

The Ministry of Finance has committed to supporting RINL’s recovery through innovative financial mechanisms and debt restructuring. A modernized RINL will contribute significantly to India’s goal of producing 300 million tonnes of steel annually by 2030.