As per the report, Adani Group is all set to bid for the state-owned steel sector foray Rashtriya Ispat Nigam Limited (RINL), which is expected to go under an auction in January. With this, the group would foray into a new steel business. Recently, the Adani Group pledged the entire stake in Ambuja Cements Ltd and ACC Ltd, acquiring both companies from Switzerland’s Holcim Group for $6.4 billion.

The report also stated that the group is looking to take a more aggressive stance than legacy players in the steel sector like Tata and JSW steel.

Following the $10 billion deal, Adani Group has become the second-biggest player in the cement industry, behind Ultratech cement.

RINL has been incurring losses since 2014-15. By the mid of January, the company is expecting to clear its 100 per cent disinvestment.RINL has a production capacity of 7.3 million tons per annum; the company has 20,000 contract workers, 6,500 officers, and 12,000 regular workers along with land, which is worth around Rs 1.5 trillion.

Rashtriya Ispat Nigman Limited (RINL), also known as Vizag Steel, is a government-owned steel manufacturer based in Visakhapatnam, India. The company is under the ownership of the Ministry of steel. The company has been running into losses since 2014. Hence, to recover the losses centre has decided to privatize the company. Though privatisation is opposed heavily, the centre stands adamant on its decision.