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In a major workforce shift, over 1,000 employees of Rashtriya Ispat Nigam Limited (RINL) have opted for voluntary retirement under the company’s second Voluntary Retirement Scheme (VRS-II). This decision is part of a broader restructuring effort as the public sector steel maker faces severe financial stress and prepares for disinvestment.
According to Minister of State for Steel Bhupathiraju Srinivasa Varma, 1,017 employees applied for VRS-II, which was offered between June 14 and July 18, 2025. The scheme follows the Department of Public Enterprises (DPE) guidelines and mirrors benefits provided under the earlier VRS-I.
As of March 31, 2024, RINL employed 13,536 regular staff, including 4,390 executives and 9,146 non-executives. The voluntary exits aim to reduce costs and streamline operations, especially as RINL grapples with mounting liabilities exceeding ₹26,000 crore.
To support the company's financial health, the government approved a ₹11,440 crore fund infusion in January 2025. Of this, ₹9,824 crore has already been released to ensure uninterrupted operations.
Despite the Cabinet Committee on Economic Affairs granting in-principle approval for 100% disinvestment in January 2021, the process has yet to move forward, facing resistance from employees and political groups.
The VRS move marks a critical step in RINL’s restructuring journey, aligning with long-term plans to stabilize the company and potentially pave the way for privatization.
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