Latest News | RINL's Net Loss Shrinks to Rs789 Cr in FY21

Hyderabad, Sep 30 (PTI) Rashtriya Ispat Nigam Limited, the corporate entity of Vizag Steel, on Friday said its net loss for the financial year 2020-21 reduced to Rs 789 crore as against Rs 3,910 crore a year ago.

Also Read | Rajasthan Shocker: Man Beaten to Death By Two Sons In Barmer District; Accused Arrested.

Atul Bhatt, CMD of the steel maker, in a press release said in spite of the impact of COVID-19 during the year, the company achieved a Sales Turnover of Rs 17,980 crore, with a growth of 14 per cent over the previous year.

Also Read | Dherbs Is Helping People Everywhere Maximize Their Health and Longevity With Vegan Products.

RINL held its 39th Annual General Meeting at Visakhapatnam in Andhra Pradesh today.

The Cabinet Committee of Economic Affairs (CCEA) on January 27 gave ''in-principle'' approval for 100 per cent disinvestment of the government's stake in RINL, along with its stake in its subsidiaries/joint ventures through strategic disinvestment by way of privatisation.

As many as five firms, including Ernst & Young LLP and SBI Capital Markets, are in the race to act as a transaction advisor for the government's 100 per cent stake sale in the PSU.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)