News/City Updates

RINL partners with JSPL to power up Blast Furnace-3

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.

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.

Stay tuned to Yo! Vizag website and Instagram for more heritage stories.

Share
Leave a Comment

Recent Posts

Rushikonda buildings: Chandrababu Naidu hits out at Jagan

Chief Minister N Chandrababu Naidu has come down heavily on former Chief Minister Y S…

6 hours ago

Roads in State will be pothole-free by Sankranti: CM

Chief Minister N Chandrababu Naidu has said all roads in the Andhra Pradesh state should…

6 hours ago

5 reasons why you should watch Bhool Bhulaiyaa 3 now!

Kartik Aaryan's new horror-comedy, Bhool Bhulaiyaa 3, is the talk of the town, winning hearts…

7 hours ago

Bigg Boss Telugu 8: Nikhil’s Aggression Shocks The Audience!

Bigg Boss Telugu is a popular reality show with a huge viewership from all ages.…

10 hours ago

IT employee dies in road accident in Vizag

A youth died in a road accident near Panorama Hills in the limits of the…

11 hours ago

7 upcoming events in Visakhapatnam this November that are actually fun!

As we step into a new month, fresh possibilities and memories waiting to be made…

11 hours ago