RINL may acquire majority stakes in 5 ailing PSUs

Setting the ball rolling for Rashtriya Ispat Nigam Ltd (RINL) to acquire majority stakes three mining and two other companies, the steel ministry will soon send a proposal to the Cabinet in this regard. The five ailing state-run companies — Orissa Mineral Development Corporation, Bisra Stone Lime Co, Karanpura Development Co, Scott & Saxyby and Eastern Investments Ltd — are also known as the Bird Group of Companies.

“The steel ministry will soon move the Cabinet with a plan to revive the Bird Group of Companies in which RINL will acquire majority stake,” a senior steel ministry official said.