RINL disinvestment to be taken up this fiscal: Steel secretary

VISAKHAPATNAM: The much delayed disinvestment of Rashtriya Ispat Nigam Limited (RINL) will be finally taken up in the current fiscal, said secretary to the union ministry of steel G Mohan Kumar.
During his visit to inaugurate the Sinter Heat Recovery Plant at RINL on Wednesday, he said that the disinvestment is most likely to be completed by November 16, when the Navaratna status of RINL would lapse if RINL fails to list on the stock market.
The central government had accorded the Navaratna Status to the state-run steel major four years ago, following which the RINL was to have listed itself on the stock exchange by November 2012. However, following the major blast that rocked the Visakhapatnam Steel Plant (VSP) in June 2012, and poor market conditions the disinvestment was postponed.
Subsequently, the central government had plans of undertaking the disinvestment last year, but decided to put it off again as the market conditions were not favourable for RINL to go public. According to RINL sources, the department of disinvestment has to issue guidelines following which the process would be taken up by the steel plant this year.
However, sources at the VSP indicated that disinvestment may not be a smooth affair as trade unions are up in arms against the move. Trade union sources said that agitations would be launched if the Centre goes ahead with its disinvestment plan.