Adani Group tries to enter steel industry by buying RINL
23 Sep 2022 16:02 reported by Vicky Wang
India's Adani Group is planning to enter the steel industry by bidding for the privatized state-run steel producer Rashtriya Ispat Nigam Limited (RINL).
RINL has an annual production capacity of 7.3 million tons of crude steel. The government has sold a 100% stake to approve the privatization. Adani Group made a more aggressive bid than Tata Steel and JSW Steel.
Adani Group has a presence in cement, ports, energy, and logistics. It has recently completed the acquisition of two cement companies, ACC and Ambuja Cements.
In January this year, the group reached an agreement with POSCO of South Korea to jointly invest US$5 billion to build a new steel plant project based on green hydrogen at Mundra in Gujarat.
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