RINL Revival Plan Faces Mixed Reactions

The Indian government has approved a ₹11,440 crore ($1.32 billion) revival plan for the financially troubled Rashtriya Ispat Nigam Limited (RINL), also known as the Visakhapatnam Steel Plant. This package includes a fresh equity infusion of ₹10,300 crore and conversion of ₹1,140 crore of working capital loans into preferred share capital, aimed at resolving legacy issues and restoring full production capacity by 2025. The plan has been met with mixed reactions from trade unions and activists, who oppose the plant's privatization and call for further measures such as merging RINL with the Steel Authority of India (SAIL). Union Minister Ashwini Vaishnaw emphasized the significance of this revival in stabilizing the Indian steel market and securing jobs. The Andhra Pradesh state cabinet expressed gratitude to Prime Minister Narendra Modi for this support, seeing it as a step towards national development. However, some union leaders argue that the financial package is insufficient by itself to ensure the plant's long-term viability.