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Adani Group seeks to enter the steel sector by acquiring RINL

India's Adani Group is planning to enter the steel sector by bidding for privatised state steel producer Rashtriya Ispat Nigam Limited (RINL).

Adani Group seeks to enter the steel sector by acquiring RINL

RINL has an annual crude steel production capacity of 7.3 million tonnes. The government sold its 100% stake to approve the privatisation. Adani Group made a more ambitious bid than Tata Steel and JSW Steel.

Adani Group is active in cement, ports, energy and logistics. It recently completed the acquisition of two cement companies, ACC and Ambuja Cements.

In January this year, the group agreed to jointly invest USD 5 billion with South Korea's POSCO to build a new green hydrogen-based steel plant project at Mundra in Gujarat.

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