28-Sep-2022: Rashtriya Ispat Nigam Limited Achieves Highest Turnover of Rs 28,215 Crores Since Inception, with a Growth of 57% Over the Previous Year.

The 40th Annual General Meeting (AGM) of Rashtriya Ispat Nigam Limited, the Navratna PSU, held today  in Visakhapatnam.

Shri Atul Bhatt, CMD,RINL, addressed the shareholders of RINL/VSP and explained the position of the Company. Shri Bhatt  mentioned that during the financial year (FY) 2021-22, the Company achieved highest turnover of ₹28,215 Crores since inception, with a growth of 57% over the previous year. Also, the Company earned positive Profit Before Tax (PBT) after 6 Financial Years. During the year, the company achieved an EBITDA of ₹ 3469 Crores with a growth of 148% over the previous year. The Company has also earned a Cash Profit of ₹ 1,923 Crores in the financial year 2021-22.

Shri Bhatt said that the best Performance was registered during the year in all major production areas with growth over previous year, in spite of curtailed operations in Q4 on account of Coking Coal crisis. The Hot Metal production of 5.77 Mt achieved during the year is the highest for any single unit of Public Sector Steel Plant in the country. Best Ever Performance was registered during the year in all important Techno Economic parameters. High End Value Added Steel production was increased by 29% over previous year. Based on the Customers requirement, 22 new grades were developed during the year. Reaping the benefits of Central Despatch Yard, best ever Despatch Rake Retention of 15.58 hr. was achieved in the year. The Company achieved a growth of 81% in the Sales to Projects Segment. With this, a growth of 28% was achieved in Domestic Sales, though the Automobile Sector was impacted by shortage of semiconductor chips. With focus on High End Value Added Steel production, growth of 18% was achieved over the previous year (2020-21) he added.

Shri Bhatt  thanked all the Stakeholders, particularly the Ministry of Steel and other Ministries of Government of India, the Government of AP, the Suppliers (Domestic and Overseas), Customers, Ancillary Units, Bankers, the People’s Representatives, the District Administration and various other agencies for the confidence and trust bestowed upon the Company and the opportunity given for its continued growth for achieving various milestones and also sought their continuous support in future.

18-Jul-2022: Initiative By RINL towards Promotion of Innovation & Startup Activities

An MoU was signed between STPI, STPINEXT and RINL-VSP (Visakhapatnam Steel Plant) for Industry 4.0 CoE (Kalpataru) for promotion of Innovation & Startup activities for RINL and other industries in and around Visakhapatnam. At a function was held at Visakhapatnam Steel plant today, the MoU was exchanged between Shri Atul Bhatt, CMD, RINL & Dr .CVD Ram Prasad, Director, STPI.

Speaking on the occasion, Shri Atul Bhatt, CMD, RINL who is the chief Mentor behind the CoE, said that the setting up of the Centre of Excellence (CoE) is the need of the hour and it will become an example of industry & academia interface where everyone will come out with a solution which will benefit the country and will usher in a Nationwide movement in digitalisation in steel industry.

“India is now becoming the epicentre of steel making in the World and India stands as the second largest steel producer in the world and I hope that Vizag will become the hub of providing solutions in steel making to the country”, Shri Atul Bhatt added.

The centre for Excellence will go a long way in supporting the “Atma Nirbhar Bharat” of Govt. of India and in incubating start-ups from ideation to product development in Industry 4.0

The CoE is coming up over a built up space of approximately 6000 square feet at Ukkunagaram. The CoE has been named ‘Kalpataru’. It will house an Industrial Robotics lab, an Industrial Drones lab and an Industrial IOT (Internet of Things) lab. The Centre will also be provided with high speed internet and server setup using cloud computing to have capabilities for working with Artificial Intelligence (AI) and Machine Learning (ML).

The primary objective of the MOU is to forge strong and meaningful alliance between STPI, STPINEXT & RINL to support the Startup-Ecosystem in Visakhapatnam. This is being established with funding support from Ministry of Electronics & IT, Government of India (MeitY), RINL and Government of Andhra Pradesh.

The COE on Industry 4.0 will benefit RINL by the way of improvement in Production, Productivity and safety. The solutions offered by the CoE will also aid in Overall Equipment Effectiveness (OEE) of plant and machinery, help in monitoring the health of structures and aid to detect and reduce industrial pollution.

The MoU envisages a strong co-operation in mentoring, access to infrastructure and facilities, networking and funding. STPI & STPINEXT and RINL will enable budding start-up companies to make world class products in the area of Industry 4.0. It is planned to incubate around 50 start-ups in physical mode and 125 start-ups in Virtual mode over a period of 5 years. The present MOU is being signed for a period of 3 years.

The start-ups will be aptly supported by the premier institutes like IIM Visakhapatnam and Andhra University in the form of research inputs in Management and Technology. The Start-ups will also receive mentoring support from renowned industries in the automation space like SMS group, Schneider Electric, ABB, EOS, and Siemens. The premier associations like CII (Confederation of Indian Industry) and ITAAP (IT Association of Andhra Pradesh) are also part of the CoE. They will provide necessary support for nurturing the start-ups.

The CoE (Kalpataru) is one of its kind to work in the space of Industry 4.0, with the required ecosystem for promoting Startups and creating a holistic eco-system for encouraging R&D, Innovation, Product development, Entrepreneurship in the State. This MOU is envisaged to provide catalytic improvements in the Digitalization drive and implementation of Industry 4.0 Standards at RINL.