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News

21 September 2022

Adani Group to foray into steel sector, eyes RINL bidding in January 2023

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Illustration: Binay Sinha

 is reportedly planning to bid for the state-owned Rashtriya Ispat Nigam which is expected to go under the hammer in January 2023. With this, the group would foray into a new business after making entering the cement sector with the Adani-Holcim deal, according to BusinessLine (BL).

The report quoted sources as saying that the group is expected to take a more aggressive stance than legacy players in the  like JSW Steel, and .

This is also expected given the premium pricing the biggest conglomerate in India offered, to buy Ambuja Cement and ACC. With the $10 billion deal, the group has become the second-biggest player in the cement industry, second only to Ultratech Cement.


In January, the  and South Korea's Posco signed a $5 billion deal to start a steel mill in Mundra, Gujarat with a focus on .

 was cleared for a 100 per cent disinvestment by the Centre in January. The company has been incuring losses since 2014-15, but it has land worth Rs 1.5 trillion, BL stated. The company employs 6,500 officers, 12,000 regular workers, and 20,000 contract workers.

 has a production capacity of 7.3 million tons per annum.

In FY21,  posted a loss of Rs 789 crore. In FY20, the losses were recorded at Rs 3,91 crore. RINL is also known as Visakhapatnam Steel Plant.

The BL report further said that legacy steel players have majorly expanded their business by acquiring other steel  in the insolvency proceedings.

 

Source: https://www.business-standard.com/article/companies/adani-group-to-foray-into-steel-sector-eyeing-rinl-bidding-in-january-2023-122092100196_1.html


This Post was originally published on business-standard.com

 

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