RINL extends deadline for submission of EoIs for new business model

State-owned RINL has extended till April 20 the deadline for submitting expression of interest (EoI) for a business model wherein it seeks working capital in exchange of supply of steel. Earlier, the deadline was April 15, 2023.

In a first, the steel maker is exploring a business model wherein it will supply finished steel products to companies which will either fund its working capital or supply one or more raw materials.

RINL has invited EoIs from companies which have interest in steel and steel-making raw materials to partner with it for the supply of steel.In a notification, RINL said the last date for submission of EoIs is revised to April 20, 2023 till 15:00 hours.

However, "all other terms and conditions given in the EoI remain unaltered," it said.

In a notice dated March 23, 2023, RINL said that the potential partner may participate by way of supplying one or more key raw materials like coking coal /BF coke, iron ore, and in turn take steel products as per mutually agreed terms and conditions.

The potential partner may also fund working capital and in turn, take steel products as per mutually agreed terms and conditions.

The notice stated that the interested party must be in the business of steel making or raw materials used in the manufacturing of steel. RINL, under Ministry of Steel, owns and operates a 7

million tonne per annum (MTPA) plant at Visakhapatnam in Andhra Pradesh