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Updated on: Thursday, September 30, 2021, 06:16 PM IST

RINL's net loss shrinks to Rs 789 cr in FY21 from Rs 3,910 cr in previous year

PTI
RINL held its 39th Annual General Meeting at Visakhapatnam in Andhra Pradesh today/ Representational image |

RINL held its 39th Annual General Meeting at Visakhapatnam in Andhra Pradesh today/ Representational image |

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Rashtriya Ispat Nigam Limited, the corporate entity of Vizag Steel, on Friday said its net loss for the financial year 2020-21 reduced to Rs 789 crore as against Rs 3,910 crore a year ago.

Atul Bhatt, CMD of the steel maker, in a press release said in spite of the impact of COVID-19 during the year, the company achieved a Sales Turnover of Rs 17,980 crore, with a growth of 14 per cent over the previous year.

RINL held its 39th Annual General Meeting at Visakhapatnam in Andhra Pradesh today.

The Cabinet Committee of Economic Affairs (CCEA) on January 27 gave ''in-principle'' approval for 100 per cent disinvestment of the government's stake in RINL, along with its stake in its subsidiaries/joint ventures through strategic disinvestment by way of privatisation.

As many as five firms, including Ernst & Young LLP and SBI Capital Markets, are in the race to act as a transaction advisor for the government's 100 per cent stake sale in the PSU.

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Published on: Thursday, September 30, 2021, 06:16 PM IST
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