ArcelorMittal (AMNS) India is eyeing a stake in state-owned steelmaker Rashtriya Ispat Nigam Limited (RINL). After Tata Steel, AMNS has shown interest in RINL assets.
AMNS India is keen on expanding its operations in India after the acquisition of Essar Steel in 2019. ArcelorMittal Chairman LN Mittal has hinted at investing Rs1trillion for various developments in Gujarat, including the Hazira steel mill project.
India’s Cabinet Committee on Economic Affairs (CCEA) on Jan 27 approved 100pc disinvestment of government stake in RINL and RINL’s joint ventures. This strategic disinvestment is a way of privatizing and monetizing state-owned assets.
Tata Steel CEO and managing director, TV Narendran, has also expressed his company’s interest in acquiring RINL. The plant is strategically located on the east coast of India and provides greater access to the South East Asian markets, where Tata already has a presence.