New Delhi: Steel major, Rashtriya Ispat Nigam (RINL) has decided to reduce its stake from the $11 billion steel project in Afghanistan. RINL, which has 18% stake in SAIL-led consortium, Afghan Iron and Steel Consortium (AIFSCO), has decided to trim its stake to “as low as it can” in the project.
According to a source, RINL has decided to cut down its stake in the venture to as low as it can be from 18% now. The development may push the future of the project to further uncertainty.
SAIL has 20% stake in the Afghan venture; while PSUs NMDC and RINL hold 18% each. JSW Steel and JSPL hold 16% each. JSW Ispat and Monnet Ispat have 8 percent and 4% stakes respectively in the project.
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