India approves a $1.5 billion rescue plan for the struggling steel company RINL.

The Indian government has approved a ₹11,440 crore rescue package for the debt-ridden Rashtriya Ispat Nigam Limited (RINL), a steel company in Andhra Pradesh. The plan includes ₹10,300 crore in equity and converting a ₹1,140 crore loan into preference shares. This aims to clear RINL's dues and modernize the plant, with the hope of reaching full production capacity. However, a long-term solution depends on allocating iron ore mines to the company.