Latest news with #VRS-II
Time of India
02-08-2025
- Business
- Time of India
Over 1,000 RINL employees opt for voluntary retirement scheme: MoS Bhupathiraju Srinivas Varma
Advt Disinvestment decision still pending By , ETInfra More than 1,000 employees of Rashtriya Ispat Nigam Ltd (RINL) have opted for the voluntary retirement scheme (VRS), Parliament was informed on Friday. The state-run steelmaker, which is undergoing a disinvestment process, launched the VRS in June 2025 as part of efforts to reduce headcount and operational to, Minister of State for Steel Bhupathiraju Srinivasa Varma told the Rajya Sabha that the benefits under VRS-II are in line with Department of Public Enterprises (DPE) guidelines dated 20 July 2018. He added that the scheme mirrors the benefits provided under the earlier VRS.'RINL offered VRS for opting eligible and interested employees on 14 June 2025. The scheme had commenced on 16 June 2025 and the last date for withdrawal of submitting applications was 18 July 2025. A total of 1,017 employees have opted for VRS,' Varma of 31 March 2024, RINL employed 13,536 regular staff, including 4,390 executives and 9,146 Cabinet Committee on Economic Affairs had, on 27 January 2021, granted "in principle" approval for 100 per cent disinvestment of the Government of India's stake in RINL. The move followed sustained financial stress at the public sector unit, which had accumulated losses and rising disinvestment plan, however, has yet to be completed and has faced opposition from trade unions and political of March-end 2024, RINL's liabilities stood at ₹26,114.92 crore. The company had already exhausted its sanctioned borrowing limits for working capital and was unable to secure additional January 2025, the government approved an infusion of ₹11,440 crore to keep the company operational. 'Of this, an amount of ₹9,824.00 crore has been released to RINL as per quarterly target,' the minister under the Ministry of Steel, operates a 7.5 million tonne per annum plant at Visakhapatnam, Andhra Pradesh. It was established as India's first shore-based integrated steel plant.
&w=3840&q=100)
Business Standard
01-08-2025
- Business
- Business Standard
Over 1,000 RINL staff opt for VRS amid disinvestment: MoS Varma
Over 1,000 employees of disinvestment-bound steelmaker RINL have applied for voluntary retirement scheme (VRS), Parliament was informed on Friday. The benefits for VRS-II in RINL are according to guidelines of Department of Public Enterprises (DPE) dated July 20, 2018, Minister of State (MoS) for Steel Bhupathiraju Srinivasa Varma said in a reply to the Rajya Sabha. The minister said the benefits of VRS-II are the same as were extended in VRS. "RINL offered VRS for opting eligible and interested employees on 14.06.2025. The scheme had commenced on 16.06.2025 and the last date for withdrawal of submitting applications was 18.07.2025. (A total of) 1,017 number of employees have opted for VRS," he said. As per an official document, the company employed 13,536 regular employees (4,390 executives, and 9,146 non-executives) as on March 31, 2024. Cabinet Committee on Economic Affairs on January 27, 2021 accorded "in principle" approval for 100 per cent disinvestment of Government of India (GoI) shareholding in RINL, which had mounted huge losses. The government's decision to disinvest RINL, India's first shore-based steel company, attracted huge protests from workers' unions and Opposition parties. To date, the disinvestment has not been completed. As on March 31 2024, RINL had liabilities worth Rs 26,114.92 crore and the company had exhausted the sanctioned borrowing limits from banks for working capital and was not in a position to get further loans, as per the Minister of Steel. In January, the government stepped in to keep RINL as a going concern and approved infusion of Rs 11,440 crore into the company as it was facing serious financial and operational issues. Speaking further, Varma said, "Of this, an amount of Rs 9,824.00 crore has been released to RINL as per quarterly target." Rashtriya Ispat Nigam Ltd (RINL), under the Ministry of Steel, is a steel manufacturing company. It owns a 7.5 million tonne plant at Visakhapatnam in Andhra Pradesh.
Time of India
01-08-2025
- Business
- Time of India
Over 1,000 RINL employees opt for VRS: MoS Steel Bhupathiraju Srinivasa Varma
Over 1,000 employees of disinvestment-bound steelmaker RINL have applied for voluntary retirement scheme (VRS), Parliament was informed on Friday. The benefits for VRS-II in RINL are according to guidelines of Department of Public Enterprises (DPE) dated July 20, 2018, Minister of State (MoS) for Steel Bhupathiraju Srinivasa Varma said in a reply to the Rajya Sabha. Explore courses from Top Institutes in Please select course: Select a Course Category Operations Management Product Management MCA Digital Marketing Public Policy Leadership Degree MBA Data Science Project Management Artificial Intelligence CXO PGDM Management Data Science Technology Healthcare Data Analytics Design Thinking healthcare Finance Cybersecurity others Others Skills you'll gain: Quality Management & Lean Six Sigma Analytical Tools Supply Chain Management & Strategies Service Operations Management Duration: 10 Months IIM Lucknow IIML Executive Programme in Strategic Operations Management & Supply Chain Analytics Starts on Jan 27, 2024 Get Details The minister said the benefits of VRS-II are the same as were extended in VRS. "RINL offered VRS for opting eligible and interested employees on 14.06.2025. The scheme had commenced on 16.06.2025 and the last date for withdrawal of submitting applications was 18.07.2025. (A total of) 1,017 number of employees have opted for VRS," he said. As per an official document, the company employed 13,536 regular employees (4,390 executives, and 9,146 non-executives) as on March 31, 2024. Live Events Cabinet Committee on Economic Affairs on January 27, 2021 accorded "in principle" approval for 100 per cent disinvestment of Government of India (GoI) shareholding in RINL, which had mounted huge losses. The government's decision to disinvest RINL, India's first shore-based steel company, attracted huge protests from workers' unions and Opposition parties. To date, the disinvestment has not been completed. As on March 31 2024, RINL had liabilities worth Rs 26,114.92 crore and the company had exhausted the sanctioned borrowing limits from banks for working capital and was not in a position to get further loans, as per the Minister of Steel. In January, the government stepped in to keep RINL as a going concern and approved infusion of Rs 11,440 crore into the company as it was facing serious financial and operational issues. Speaking further, Varma said, "Of this, an amount of Rs 9,824.00 crore has been released to RINL as per quarterly target." Rashtriya Ispat Nigam Ltd (RINL), under the Ministry of Steel, is a steel manufacturing company. It owns a 7.5 million tonne plant at Visakhapatnam in Andhra Pradesh. Economic Times WhatsApp channel )
News18
01-08-2025
- Business
- News18
Over 1,000 RINL employees opt for VRS: MoS Steel Varma
Agency: New Delhi, Aug 1 (PTI) Over 1,000 employees of disinvestment-bound steelmaker RINL have applied for voluntary retirement scheme (VRS), Parliament was informed on Friday. The benefits for VRS-II in RINL are according to guidelines of Department of Public Enterprises (DPE) dated July 20, 2018, Minister of State (MoS) for Steel Bhupathiraju Srinivasa Varma said in a reply to the Rajya Sabha. The minister said the benefits of VRS-II are the same as were extended in VRS. 'RINL offered VRS for opting eligible and interested employees on 14.06.2025. The scheme had commenced on 16.06.2025 and the last date for withdrawal of submitting applications was 18.07.2025. (A total of) 1,017 number of employees have opted for VRS," he said. As per an official document, the company employed 13,536 regular employees (4,390 executives, and 9,146 non-executives) as on March 31, 2024. Cabinet Committee on Economic Affairs on January 27, 2021 accorded 'in principle" approval for 100 per cent disinvestment of Government of India (GoI) shareholding in RINL, which had mounted huge losses. The government's decision to disinvest RINL, India's first shore-based steel company, attracted huge protests from workers' unions and Opposition parties. To date, the disinvestment has not been completed. As on March 31 2024, RINL had liabilities worth Rs 26,114.92 crore and the company had exhausted the sanctioned borrowing limits from banks for working capital and was not in a position to get further loans, as per the Minister of Steel. In January, the government stepped in to keep RINL as a going concern and approved infusion of Rs 11,440 crore into the company as it was facing serious financial and operational issues. Speaking further, Varma said, 'Of this, an amount of Rs 9,824.00 crore has been released to RINL as per quarterly target." Rashtriya Ispat Nigam Ltd (RINL), under the Ministry of Steel, is a steel manufacturing company. It owns a 7.5 million tonne plant at Visakhapatnam in Andhra Pradesh. PTI ABI TRB view comments First Published: August 01, 2025, 17:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
