Centre govt approves Rs 11.4K cr to revive Vizag steel plant

The Union Cabinet has approved a Rs 11,440 crore revival package for Rashtriya Ispat Nigam Ltd’s (RINL’s) Vizag Steel Plant, to help the struggling steelmaker tide over its financial woes, Union Steel Minister HD Kumaraswamy said on Friday, January 17.

He also said that the privatisation issue of the steel-making entity does not



arise.

“The Visakhapatnam Steel Plant has a special place in the hearts and minds of the people of Andhra Pradesh. During yesterday’s Cabinet meeting, it was decided to provide equity support of over Rs 10,000 crore for the plant. This has been done understanding the importance of the steel sector in building an Aatmanirbhar Bharat,” Prime Minister Narendra Modi said in a post on X.