New Delhi: Government extended navratna status to Rashtriya Ispat Nigam Ltd (RINL) by one year, enabling the company to enjoy greater financial and functional autonomy. “While reposing the confidence in RINL Collective, Government of India has accorded approval for extending navratna status to RINL for further one year i.e till November 2013,” disclosed an official government statement.
RINL though achieved the status on November 6, was asked to get its shares listed on the bourses within two years. The company failed to meet the requirements owing to numerous reasons even involving poor market conditions.
The RINL Chairman and Managing Director AP Choudhary however outlines an increase in the sales of long steel products and expects to register shar improvement, considering the dry season and growth in executing infra projects. He further opined, “International prices of scrap, finished products and all steel related items have risen considerably fuelling the growth in demand.”
EPC News Bureau
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