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The Union Cabinet has approved a Rs 11,440 crore revival plan for debt-laden Rashtriya Ispat Nigam Ltd (RINL), according to a statement released on Friday.
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved the revival plan for RINL for Rs 11,440 crore, it added.
The infusion includes Rs 10,300 crore as equity capital into RINL and conversion of Rs 1,140 crore working capital loan as 7 per cent non-cumulative preference share capital redeemable after 10 years to keep RINL as a going concern, the official statement said.
With this revival package, many of the legacy problems that RINL used to face will be resolved, Information and Broadcasting Minister Ashwini Vaishnaw said.
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