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RINL to raise $23 million through land asset dispositions.
Proceeds will go towards operations and debt servicing.
Privatization timelines continue to put strain on company finances.
Rashtriya Ispat Nigam Limited (RINL), the Indian state-owned steel producer, will generate $23 million (approximately ₹191 crore) by selling its excess land plots as part of its efforts to cope with its increasing financial crisis. The financially struggling company has been facing increasing losses, constrained working capital, and growing debt.
As per official sources, RINL will realize value on non-core assets in terms of selling excess land in Visakhapatnam and other places. This sale is likely to relieve liquidity strain and assist the company in meeting operational expenses and paying short-term debt.
RINL has been in the process of actively looking at disinvestment opportunities, with the government previously suggesting strategic privatization of the firm. But inaction on the privatization front has further deteriorated the financial health, compelling RINL to consider asset monetization in the meantime.
Industry analysts feel this step might bring short-term comfort but emphasize the importance of structural changes and long-term capital injection for a sustainable turnaround. The company hopes to finalize the sale of land in the next quarter.
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