Steel Minister Presents RINL’s 1556.47 Crore Cheque to the Prime Minister
The Union Minister for Steel, Shri Beni Prasad Verma presented a cheque worth Rs. 1556.47 crore to the Prime Minister of India, Dr. Manmohan Singh today. The cheque comprised Rashtriya Ispat Nigam Limited’s (RINL) payment of dividend worth Rs. 271.47 crores and Rs. 1285 crores as redemption of preferential capital.
Present on the occasion were Secretary, Ministry of Steel, Shri D.R.S. Chaudhary, Additional Secretary and Financial Advisor, Shri Machendranathan, RINL, CMD, Shri A.P. Choudhary and Director Finance, RINL, Shri P. Madhusudan.
The Steel Minister lauded RINL’s performance for achieving best ever turnover of Rs. 14,457 crore, a significant 26% improvement over the last financial year. Company also registered a growth of 6.5% in sales volume of 3.5 Million Tonnes during the financial year 2011-12.
It is noteworthy that RINL’s likely net worth on 31.03.2012 would be Rs. 13,800 crores. The Navratna PSU achieved a capacity utilization of 113% during the financial year producing 3.5 Million tonne production of iron and steel. The organisation now plans to enter the next phase of expansion to 11/12 mtpa which is under active consideration of its board.