Govt receives representations to merge RINL with SAIL or NMDC: Kulaste
New Delhi: The government has received various representations to merge RINL with SAIL or NMDC, Parliament was informed on Monday. At present, Rashtriya Ispat Nigam Ltd (RINL) has a strength of 4,875 executives and 10,005 non-executive employees, Minister of State (MoS) for Steel Faggan Singh Kulaste said in a written reply to Rajya Sabha.
There are no plans of RINL raising funds through an IPO: Kulaste
To a 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 or National Mineral Development Corporation (NMDC), the minister replied in affirmative. 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.
In another reply, Kulaste said that there are 4,875 executives and 10,005 non-executive employees in RINL and there is no freeze on new recruitment in the company. "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 seven million tonne per annum.
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