Mumbai, Nov 4: The government has infused around Rs 1,650 crore in state-owned RINL, gripped with operational and financial issues, according to an official document.The government is also taking various measures to keep RINL as a going concern, the Ministry of Steel said in a note.
“In this regard, the Government of India has infused Rs 500 crore towards equity on September 19, 2024, and a working capital loan of Rs 1,140 crore on September 27, 2024,” according to the document.
It also said that SBICAPS, a wholly-owned subsidiary of the State Bank of India (SBI), is preparing a report on the sustainability of RINL.
“RINL is in serious financial trouble, and the (Steel) Ministry is taking several steps to keep RINL as a going concern in consultation with the Ministry of Finance,” it added.