Business Line reported that the Union Government has accorded approval for extending navaratna status to Rashtriya Ispat Nigam Ltd for a year that is till November 2013.
The company's performance, investment of huge amounts in expansion and plant modernization and completion of all formalities for an IPO were considered by the Government in taking the step.
Mr AP Choudhary CMD of RINL thanked the Union Ministry of Steel and the Government for extending navaratna status to RINL. He said that RINL had always been in the forefront in fulfilling its commitments to the Government and other stakeholders.
On the marketing scenario, he said that sales of long steel products had shown signs of recovery and demand was expected to register a sharp improvement considering the dry season and growth in infrastructure work. International prices of scrap, finished products and all steel related items had rise considerably fuelling growth in demand. RINL had drawn up a strategy to reorient its product mix in line with the requirements of the steel market.
Mr TK Chand director of RINL said that RINL was the single largest exporter of pig iron in India and even in the domestic market RINL was likely to make record sales of pig iron, by products and steel products given the positive sentiment in the market and the stepped up delivery and customer services.
Mr Choudhary said that more employment would be generated for the local people as the management was looking at investing more capital in the plant here. The RINL was also discharging its duty as a good corporate citizen by taking up various schemes under the head of corporate social responsibility.Business Line reported that the Union Government has accorded approval for extending navaratna status to Rashtriya Ispat Nigam Ltd for a year that is till November 2013.
The company's performance, investment of huge amounts in expansion and plant modernization and completion of all formalities for an IPO were considered by the Government in taking the step.
Mr AP Choudhary CMD of RINL thanked the Union Ministry of Steel and the Government for extending navaratna status to RINL. He said that RINL had always been in the forefront in fulfilling its commitments to the Government and other stakeholders.
On the marketing scenario, he said that sales of long steel products had shown signs of recovery and demand was expected to register a sharp improvement considering the dry season and growth in infrastructure work. International prices of scrap, finished products and all steel related items had rise considerably fuelling growth in demand. RINL had drawn up a strategy to reorient its product mix in line with the requirements of the steel market.
Mr TK Chand director of RINL said that RINL was the single largest exporter of pig iron in India and even in the domestic market RINL was likely to make record sales of pig iron, by products and steel products given the positive sentiment in the market and the stepped up delivery and customer services.
Mr Choudhary said that more employment would be generated for the local people as the management was looking at investing more capital in the plant here. The RINL was also discharging its duty as a good corporate citizen by taking up various schemes under the head of corporate social responsibility.
Source:
http://www.steelguru.com/indian_news/Union_government_extends_RINL_navratna_status_by_1_year/292782.html
