Tata Steel has expressed interest in acquiring RINL and NINL
Tata Steel, India's largest steelmaker, is interested in buying Rashtriya Ispat Nigam Limited (RINL). In Visakhapatnam, Andhra Pradesh, RINL, which is part of the steel ministry, owns and manages a 7.3 million tonnes factory. It is India's first integrated steel factory that is located on the shore.
When asking Narendarn, the CEO and Managing director of RINL about the interest tata steel has in for RINL, he replied with “Yes! Also, because for inorganic growth for long product opportunities... There is a great opportunity because it is a coastal plant so there are many advantages.”
RINL owns around 22,000 acres of land and has access to Gangavaram Port, which receives raw materials such as coking coal and other commodities. Because RINL is located on India's eastern coast, the acquisition will allow Tata Steel to expand its foothold in Southeast Asian markets, where it already has a presence.
Tata Steel has also submitted an Expression of Interest (EoI) for Odisha-based steelmaker Neelachal Ispat Nigam Ltd (NINL), according to the CEO. MMTC, National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (BHEL), and MECON are all part of NINL, which is a joint venture firm.
Indian government is in talks to purchase 50 million vaccination doses from Pfizer
According to the Wall Street Journal, India is in talks to buy 50 million doses of Pfizer and German partner BioNTech SE's COVID-19 vaccinations. Pfizer did not immediately react to a request for comment from Reuters, and is claimed to have yet to seek clearance for the use of its vaccine in India, according to a Reuters article. India also expects to get roughly seven million doses of a vaccine produced by Moderna Inc. from the United States through Covax, a programme that distributes Covid-19 vaccinations to developing countries.
Written By: Kovid Gopikaramanan
Edited By: Ronojoy Borpujari