RINL forges a strategic partnership with JSPL (Jindal Steel and Power Limited) to restart the Blast Furnace-3. At an interactive meeting with representatives of various trade unions held by CMD Sri Atul Bhatt, RINL, he announced a critical partnership with JSPL (Jindal Steel and Power Limited) to secure vital working capital and raw materials for starting and operating Blast Furnace-3 (BF-3). This strategic move, scheduled for completion on December 30th, 2023, aims to boost production by 2 Lakh tonnes of Hot Metal per month.
The MoU with JSPL ensures approximately Rs 800-900 crore in working capital advance and raw materials, in exchange for supplying 90,000 tonnes of cast blooms monthly from RINL’s Steel Melting Shop-2 (SMS-2). This arrangement not only guarantees consistent operation of BF-3 but also generates additional revenue for RINL through increased sales of approximately 1 Lakh tonnes of saleable steel beyond the committed quantities to JSPL. This will translate to a monthly sales turnover increase of Rs 500 crore and a potential reduction in losses of Rs 50-100 crore.
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CMD Bhatt emphasized the initiative’s significance for RINL’s production and profitability and appealed to all trade unions and employees for their unwavering support in achieving sustained growth. Addressing their queries, he reiterated RINL’s commitment to adopting the best possible practices for the company’s long-term success while catering to all stakeholders’ interests. He further highlighted the strategic importance of reactivating BF-3 to optimize production and improve RINL’s financial situation. Bhatt concluded by affirming the management’s dedication to navigating challenges and ensuring RINL’s sustained growth and profitability in the competitive industrial landscape.
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