The Cabinet has approved privatisation of steel-maker Rashtriya Ispat Nigam Ltd (RINL), the Navratna PSU that runs the 7.3 million tonne (mt) capacity Visakhapatnam Steel Plant. The government currently holds 100 per cent stake in the company that makes long products used in construction. While approving the strategic disinvestment of RINL a few days ago, the Cabinet delegated powers to the Alternative Mechanism headed by the Finance Minister to decide whether the subsidiaries of RINL will be part of the transaction, depending on the feedback from potential investors. The company has been incurring heavy losses since 2017 on the back of rising interest costs, except for 2019 when it posted a net profit of Rs 96.71 crore.