Correct Option (c)
Both statements are correct.
Statement 1: Rashtriya Ispat Nigam Limited (RINL), the corporate entity operating the Vizag Steel Plant, was granted Mini Ratna Category-I status on 11 February 2006 by the Ministry of Steel. This status is conferred upon public sector enterprises that have shown consistent profitability and operational efficiency. Therefore, this statement is correct.
Statement 2: The Indian Iron & Steel Company (IISCO), a public sector undertaking under the Ministry of Steel, was merged with Steel Authority of India Ltd (SAIL). This merger became effective on 29 September 2004. Post-merger, the IISCO Steel Plant at Burnpur, West Bengal, operates as a unit of SAIL. Therefore, this statement is correct.
Incorrect Options
Options (a), (b), and (d) are incorrect because both statement 1 and statement 2 are factually accurate with respect to the period around which the question was framed (2007).