Parl panel asks RINL to complete projects within revised timelines
New Delhi: Some major projects of state-run RINL are facing "huge" delays, a Parliamentary panel has flagged while directing the steel maker to take corrective measures and complete the work within the revised timelines.
The Parliament's Standing Committee on Coal and Steel has also asked Rashtriya Ispat Nigam Ltd (RINL) to "seriously" review the progress of the projects and identify the factors responsible for delays. "Some of the major projects of RINL are facing huge delays in completion. RINL should take immediate corrective measures and complete the projects within the revised timelines, " the committee said in a report tabled in Parliament. The Rs 2,858 crore coke oven battery 5 project, it said, was supposed to be completed in December 2017.
The revised date for completion of the project is March 2020, a time overrun of about two years and three months. The forged wheel plant being set up at a cost of about Rs 1,700 crore is facing a delay of about one year and seven months, the committee said. The original date for completion of the plant was September 2018, while the revised date is February 2020. The production capacity of the plant is 1 lakh pieces of forged wheels per annum.
RINL's Rs 321 crore Central Dispatch Yard project is running one year and eight months behind the schedule. While the project's original date of completion was August 2018, the revised date was February 2020.
Further, the PSU has been to take measures to reduce its losses by the committee. In the report, it said, company suffered losses of Rs 1,369 crore during. However, it recovered in 2018-19 and made a profit of Rs 96.71 crore. "Take appropriate measures to remove all bottlenecks in order to contain losses and apprise (the committee) of the steps taken in this regard," it said. RINL, the corporate entity of Visakhapatnam Steel Plant, is a Navaratna PSE under the steel ministry. RINL, under the steel ministry, produces special steel, including wire rod coils, rounds, billets of different grade and dimensions.