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.
25-Sep-2022: Union Agriculture Minister lays the foundation stone of NSC's organic seed farm in Morena
The Union Minister of Agriculture and Farmers Welfare, Shri Narendra Singh Tomar, today laid the foundation stone of an organic seed farm of the National Seed Corporation (NSC) at Morena. Upon its completion, new organic seeds of oilseeds will be available to the farmers of Madhya Pradesh. With this farm, farmers will be introduced to modern techniques, they will get high yielding seeds and their socio-economic status will improve. On this occasion, Shri Tomar announced that the Ministry of Environment, Forest & Climate Change has taken a big decision to recommend de-notification of 207 hectares land in the National Wildlife Sanctuary of Chambal. Due to this sanctuary area being a revenue land, the availability of sand will be at the local level, which will also increase employment.
Shri Tomar said that the Central Government has decided to establish a farm in Morena (MP) for the production of organic seeds by improving the land in the rugged area. For this, the M.P. Government has allotted 885.34 hectares of land in 4 villages (Gadora, Jakhauna, Rithora Khurd & Gorakha) of Morena to the Union Ministry of Agriculture. This land is a rugged area of Chambal and farming was not possible due to ravines in the area. As NSC is committed to provide quality seeds to the farmers and is producing 15 lakh quintals of quality certified seeds and making them available to the farmers, hence the Agriculture Ministry has entrusted the responsibility of developing a farm in Morena to the NSC for the production of organic seeds. The production of seeds in the Ravines of Morena will improve the land and the land will turn fertile. Inspired by land reforms, local farmers will be able to improve the land in their fields and produce seeds with the latest scientific method and get high economic benefits from low cost of farming. Farmers will get to learn the latest techniques of seed production here. Local and state farmers will be taught the latest seed production techniques through training by NSC experts. Local workers of Morena will get employment through land reforms and seed production in the farm. Farmers will get good production by getting latest and genetically and physically pure organic oilseed seeds from Morena Farm, which will not only improve the socio-economic status of the farmers of the state, but will also provide nutritional security to the farmers.
Shri Tomar said that India's stature has improved worldwide due to all-round work in the agriculture sector under the leadership of Prime Minister Shri Narendra Modi, our country is working in the spirit of Vasudhaiva Kutumbakam. PM's slogan is "Jai Jawan, Jai Kisan, Jai Vigyan, Jai Anusandhan", Morena's seed farm will make full use of science and research for the progress of farmers. Seed is the basis and main input of agriculture. Shri Tomar said that the availability of good seeds for agriculture benefits the Agri-eco-system and the economy as a whole, apart from increasing production & productivity and resulting in higher income for the farmers. Along with ensuring seed availability to the states, the central government helps in the distribution of seeds through various schemes. The Union Agriculture Ministry has implemented Seeds and Planting Material sub-mission from 2014-15 to increase quality seed production and multiplication of crops, so that farmers get superior seeds in adequate quantity. Seed quality control is being strengthened by the state and public sector seed organizations through various seed related activities. In the last 8 years, 304 varieties have been notified for commercial cultivation.
De-notification in part of Chambal National Wildlife Sanctuary will have many benefits:
Due to the de-notification with the efforts of Union Minister and local MP Shri Tomar, this area will be outside the sanctuary area, due to which the sand from here will be available at cheaper prices for construction/development works at the local level and it will also result in new employment opportunities. Shri Tomar had urged the Minister of Environment, Forests and Climate Change, Shri Bhupendra Yadav, regarding the de-notification. The proposal regarding this was discussed in the 69th meeting of the Standing Committee of National Wildlife Board under the chairmanship of Minister Shri Yadav and the committee has decided to recommend de-notifying 207.05 hectare area of the sanctuary, as follows- Barodia Bindi (9.49 ha in Sabalgarh range of Distt. Sheopur), 118.66 ha in Barwasin (Range-Dewari, District Morena). and 78.90 ha in Rajghat (Piprai) (Range- Dewari, Jaura, District-Morena). With this de-notification, illegal sand mining will be curbed. More than 4 lakh population directly depends on the various products of the protected area. There will be an increase in employment due to sand mining at the local level.
On the occasion of foundation stone laying ceremony of the seed farm, Madhya Pradesh Horticulture and Food Processing Minister Shri Bharat Singh Kushwaha and Shri Andal Singh Kansana, Shri Raghuraj Kansana, Shri Girraj Dandotia, Shri Subedar Singh Sikarwar along with other public representatives and district officials and farmers and workers were present. Initially, Shri Ashwini Kumar, MD of NSC and Joint Secretary in the Agriculture Ministry, delivered the welcomed address. On the occasion, seeds were distributed to the farmers by Shri Tomar.
27-Jul-2022: Cabinet approves additional investment by Bharat Petro Resources Ltd. a wholly owned subsidiary of Bharat Petroleum Corporation Limited for development of BM-SEAL-11 project in Brazil
The Cabinet Committee on Economic Affairs chaired by Prime Minister Shri Narendra Modi has approved additional investment of USD 1,600 million (about Rs. 12,000 crore) by Bharat PetroResources Ltd. (BPRL), a wholly owned subsidiary of Bharat Petroleum Corporation Limited (BPCL) for development of BM-SEAL-11 Concession Project in Brazil.
The CCEA also approved following:
- To increase in the limit of equity investment by BPCL in BPRL and Authorised Share Capital of the Company from Rs.15,000 crore to Rs.20,000 crore (to be subscribed by BPCL from time to time).
- To authorise increase in the limit of equity investment by BPRL International BV in International BV Brasil Petroleo Limitada, through intermediate WOS, to Rs.15,000 crore from the current limit of Rs.5,000 crore that is an increase of Rs.10,000 crore.
The start of production from BM-SEAL-11 project is expected from 2026-27.
This will help in:
- accessing to equity oil to strengthen India’s energy security.
- diversifying India’s crude oil supply and Indian oil companies have expressed interest in sourcing more crude oil from Brazil.
- Strengthening India’s foothold in Brazil, which will further open business avenues in neighbouring Latin American countries.
- Further strengthening the bilateral ties between the countries.
BPRL has 40% Participating Interest (PI) in this Concession along with Petrobras, National oil company of Brazil, as the Operator with 60% Participating Interest.
BPRL has been associated with exploration and development of this project in Brazil since 2008.