Home / News / India /  Centre receives representations to merge RINL with SAIL or NMDC: MoS Kulaste

The Centre has received various representations to merge Rashtriya Ispat Nigam (RINL) with Steel Authority of India (SAIL) or National Mineral Development Corporation (NMDC), Parliament was informed on Monday.

Currently, Rashtriya Ispat Nigam Ltd (RINL) has a strength of 4,875 executives and 10,005 non-executive employees, said Minister of State (MoS) for Steel Faggan Singh Kulaste, in a written reply to Rajya Sabha.

The minister replied in affirmative to question that if any representations from political parties and others have been received by the government to merge RINL either with Steel Authority of India Ltd (SAIL) or National Mineral Development Corporation (NMDC), the minister replied .

The minister also said that there are no plans of RINL raising funds through an initial public offering (IPO) and issuing of government bonds for collateral-free loans.

Kulaste said there are 4,875 executives and 10,005 non-executive employees in RINL and there is no freeze on new recruitment in the company, in his written reply.

"However, the recruitment has been rationalised in RINL in view of the poor financial condition of the company," he said.

The government is working out the transaction structure for the strategic sale of Visakhapatnam-based RINL, having a capacity of over 7 million tonne per annum.

In the current fiscal, the government had budgeted to collect 65,000 crore from disinvestment. However, so far, it has realised only 31,106 crore by selling minority stakes in public sector companies.

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