New Delhi: State-owned RINL has extended the deadline till April 20 for submitting an expression of interest (EoI) for a business model wherein it seeks working capital in exchange for a supply of steel. Earlier, the deadline was April 15.
In a first, the steelmaker is exploring a business model wherein it will supply finished steel products to companies that will either fund its working capital or supply one or more raw materials. RINL has invited EoIs from companies that have an interest in steel and steel-making raw materials to partner with it for the supply of steel.
In a notification, RINL said that the last date for submission of EoIs is revised to April 20 till 15:00 hours. However, "all other terms and conditions given in the EoI remain unaltered," it said.
In a notice dated March 23, RINL said that the potential partner may participate by way of supplying one or more key raw materials like coking coal /BF coke, and iron ore, and in turn, take steel products as per mutually agreed terms and conditions. The potential partner may also fund working capital and in turn, take steel products as per mutually agreed terms and conditions.
The notice stated that the interested party must be in the business of steel making or raw materials used in the manufacturing of steel. RINL, under the Ministry of Steel, owns and operates seven million tonne per annum (MTPA) plant at Visakhapatnam in Andhra Pradesh
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