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Indian government approved the sale of 100% state-owned RINL's shares

Indian conglomerate Adani Group, which has business interests in cement, ports, energy and logistics, plans to enter the steel market. Adani Group wants to acquire state-owned RINL, which has been put up for privatization. SteelOrbis writes about it.

State-owned RINL operates a steel plant with a capacity of 7.3 million tons per year in the port city of Visakhapatnam.

Adani Group has already applied for the tender. The sale of RINL is scheduled for January 2023. Experts expect its bids to be more aggressive than in other market players, such as Tata Steel and JSW Steel.

As Hindu BusinessLine writes, in January 2022, the Indian Government Committee on Economic Affairs approved the sale of 100% of RINL’s state-owned shares, as well as RINL’s stakes in its subsidiaries and joint ventures.

In January 2022, Adani Group announced on a memorandum with the South Korean POSCO on a possible joint investment in the amount of $5 billion in the creation of a green steel plant in Mundra in the Indian state of Gujarat. Adani has previously announced plans to become the world’s largest renewable energy company and to start producing green hydrogen.

As GMK Center reported earlier, the government of the Indian state of Odisha has approved 10 industrial projects, six of which are metallurgical. The total budget of projects amounted to 74.62 thousand crore rupees (about $9 billion).

It is planned to create more than 24,000 jobs due to the implementation of projects in the state. In addition to metallurgy, the projects also include the production of green hydrogen and ammonia, as well as infrastructure programs. Indian industrial companies such as Tata Group, Arcelormittal Nippon Steel and Adani group are among the largest investors.