New Delhi, January 17 (HS): The Central Government is going to renovate the Visakhapatnam Steel Plant. Rs 11,440 crore has been set aside for this. Currently, the company has a liability of more than 26 thousand crores.

The Economic Affairs Committee of the Union Cabinet, chaired by Prime Minister Narendra Modi, has given its approval to this.

Rashtriya Ispat Nigam Limited (RINL), which operates the Visakhapatnam plant, is a Central Public Sector Enterprise under the administrative control of the Ministry of Steel with 100 percent ownership of the Government of India. Its installed capacity of liquid steel is 7.3 MTPA.

Visakhapatnam Steel Plant has a special place in the hearts and minds of the people of Andhra: Prime Minister

Prime Minister Narendra Modi said on Friday that the Visakhapatnam Steel Plant has a special place in the hearts and minds of the people of Andhra Pradesh. Modi said that during yesterday's cabinet meeting, it was decided to provide equity support of more than Rs 10,000 crore for the plant. This has been done understanding the importance of the steel sector in the construction of a self-reliant India.

According to a government release, Rs 10,300 crore will be invested as equity capital in Rashtriya Ispat Nigam Limited (RINL). A working capital loan of Rs 1140 crore will also be given to keep RINL running.

Hindusthan Samachar / Indrani Sarkar