India approves over ₹10,000 crore funds to revive state-owned steel maker RINL | Company Business News

Prime Minister of India, Narendra Modi, on Friday, Janaury 17, approved the allocation package of ₹11440 crore for the revival of the State-owned Rashtriya Ispat Nigam Limited (RINL), according to the Union Minister Ashwini Vaishnaw. 

“Honorable Prime Minister Shri Narendra Modi ji has approved a package of ₹11,440 crore rupees for the revival of Rashtriya Ispat Nigam Limited (RINL),” said the Minister in an official statement.

According to the Union Minister the Government of India’s overall package of the revival plan comprises a fresh fund infusion of ₹10,300 crore along with a working capital loan converted into preferred share capital of ₹1,140 crore.

“In this overall package of ₹11440, fresh equity infusion of ₹10,300 crore is there and the conversion of working capital loan into preferred share capital of ₹1140 crore,” he said.