HomeSteel & CommoditiesPact with JSPL to ensure working capital:CMD

Pact with JSPL to ensure working capital:CMD

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RINL has entered into an MoU with JSPL (Jindal Steel and Power Limited). This as per RINL is to ensure  much needed working capital support for raw material requirement for starting and operating the Blast Furnace-3 (BF-3) which is planned for blowing-in on 30th December, 2023 at a capacity of 2 Lakh tonnes of Hot Metal per month.

At an interactive meeting held with representatives of various trade unions held at RINL, the CMD said, the arrangement with JSPL will ensure availability of about Rs 800-900 Cr for RINL in the form of working capital advance / raw materials required for consistent operation of BF-3, against which RINL will be supplying about 90,000 t of cast blooms every month from Steel Melting Shop-2(SMS-2) of RINL.

This arrangement with JSPL will enable RINL to generate additional revenue from increased sales of about 1 Lakh tonnes of saleable steel even after supply of committed quantities to JSPL.

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