Employees request Deputy CM to stop central govt from Privatisation of Visakhapatnam Steel Plant
The central government is planning to reduce its stake in Visakhapatnam Steel Plant located in Andhra Pradesh. This Visakhapatnam Steel Plant is the integrated steel plants of Rashtriya Ispat Nigam Limited in Visakhapatnam. Founded in 1982, the plant focuses on producing value-added steel.
On 17 April 1970, the Prime Minister of India, the Indira Gandhi, announced the government’s decision to establish a steel plant at Visakhapatnam. This plant operates under Rashtriya Ispat Nigam Ltd, (RINL), also known as Vizag Steel. It is a central public sector undertaking under the ownership of Ministry of Steel, Government of India based in Visakhapatnam, India.
On Sunday, a group of employees from Visakhapatnam Steel Plant (VSP) met with Deputy Chief Minister K. Pawan Kalyan at his office. They asked him to stop the Central government from privatizing the company, which they believe is being done under the excuse of selling its shares. They also requested his help in finding funds to deal with the financial problems the company is facing.
This meeting is important because Chief Minister N. Chandrababu Naidu is going to New Delhi on October 7 to meet with Prime Minister Narendra Modi and other Central Ministers. During the visit, he is expected to talk about the planned privatization of VSP, along with other issues.
Both Mr. Naidu and Mr. Pawan Kalyan have promised to protect VSP. Meanwhile, Union Minister of State for Steel & Heavy Industries, Bhupathiraju Srinivasa Varma, has reassured VSP employees that the government is looking at all possible options to solve the company’s financial troubles. He said that detailed talks are happening with everyone involved to find a lasting solution.
