State Bank of India Joins Forces with Government to Aid Rashtriya Ispat Nigam Limited

Government and SBI Eye Recovery for RINL

NEW DELHI: The government is working with State Bank of India (SBI) to find a way out for the debt-ridden Rashtriya Ispat Nigam Limited (RINL), said people with knowledge of the matter. SBI has made a presentation to the Department of Financial Services (DFS) secretary and the steel secretary, outlining the possible options for the beleaguered RINL to get back on its feet, they said.

Potential Merger with SAIL

The parties met to discuss the way forward regarding Rashtriya Ispat Nigam Limited, said one of the persons, who did not wish to be identified. Regarding the reported moves to merge RINL with Steel Authority of India (SAIL), the person stated, All options are on the table for discussion.

Focus on Green Steel Initiatives

Addressing the steel summit organised by the Confederation of Indian Industry (CII) on Friday, steel secretary Sandeep Poundrik discussed the government's mission to prioritise green steel in procurement. Incentives for steel players to invest in green technology are part of the strategy.

Beneficiation in Iron Ore Processing

Poundrik also called on the steel industry to focus on using low-grade iron ore by developing beneficiation facilities. I urge the steel makers to focus on beneficiation, he said. This process increases the iron content by removing impurities and is critical for improving efficiency.

Upcoming Definition of Green Steel

The steel ministry earlier released a report outlining a roadmap for decarbonising the steel sector. However, the definition of green steel was notably absent. The government is expected to define what constitutes green steel by next month.