Rashtriya Ispat Nigam's Strategic Sale Gets Cabinet Nod
Coils of steel sit in storage on the cold rolling line ahead of milling. (Photographer: Krisztian Bocsi/Bloomberg)  

Rashtriya Ispat Nigam's Strategic Sale Gets Cabinet Nod

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The Union Cabinet has cleared the privatisation of steel-maker Rashtriya Ispat Nigam Ltd., Divestment Secretary Tuhin Kanta Pandey tweeted.

The RINL strategic sale proceeds would be part of the disinvestment target for next fiscal.

The government has budgeted Rs 1.75 lakh crore from disinvestment in 2021-22 fiscal beginning April 1.

"CCEA on Jan. 27 2021 has given in-principle approval for 100% strategic disinvestment of GOI shareholding in RINL along with management control by way of privatization," Pandey tweeted.

Also read: Budget 2021: ‘Come What May, I Will Sell’ Not Our Strategy: Divestment Secretary

Strategic disinvestment of BPCL, Air India, Shipping Corporation of India, Container Corporation of India, IDBI Bank, BEML, Pawan Hans, Neelachal Ispat Nigam Ltd, among others, is scheduled to be completed in 2021-22.

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