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The debt-ridden Rashtriya Ispat Nigam Ltd. forged wheel plant in Rae Bareilly, Uttar Pradesh, has been taken over by the Indian Railways. A portion of ₹800–900 cr in cash would be paid to the steelmaker as part of the takeover arrangements, while ₹1000 cr of RINL's debt will be transferred to the forged wheel unit. With the takeover, this fiscal year began in April, and Railways has already invested in the unit's capacity ramp-up.
The Ministry of Steel is in charge of RINL, the second-biggest steel CPSE in India. While the Steel Ministry retains management of the Vizag Steel steel factory, the Railways now owns and manages the forged-wheel facility.
The plant was set-up, reportedly, at a cost of ₹2250 crore, with the capacity to produce 80,000 wheels a year. By this year-end, the unit should be ready to be operational at full capacity. A forged wheel is crafted from a billet, a large solid metal square. The billet undergoes heating and high pressure to form its shape. These wheels are commonly used in wagons.
India currently imports various types of forged wheels from the UK, Brazil, Japan, Russia, and Ukraine. The import bill is around ₹520 crore.
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