NEW DELHI (Reuters) – India’s federal cabinet has approved a financial plan of 114.40 billion rupees ($1.32 billion) to revive debt-laden steel producer Rashtriya Ispat Nigam Ltd (RINL), a minister said on Friday.
The revival plan, which includes an equity capital infusion of 103 billion rupees, will help state-owned RINL revive blast furnaces to full capacity within six months, Civil Aviation Minister Rammohan Naidu Kinjarapu told reporters in New Delhi.
($1 = 86.5640 Indian rupees)
(Reporting by Neha Arora in New Delhi; Editing by Mrigank Dhaniwala)
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