The central government’s announcement of its intention to privatise Vizag Steel Plant (VSP) triggered widespread protests in Andhra Pradesh. Following the
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Jewel of Andhra Pradesh , CM Reddy writes to PM over privatization of Vizag steel plant Jewel of Andhra Pradesh , CM Reddy writes to PM over privatization of Vizag steel plant
In his letter to PM Modi, Andhra CM YS Jagan Mohan Reddy has suggested measures to revive the Rashtriya Ispat Nigam Limited steel plant in Vishakhapatnam (Vizag).
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UPDATED: February 7, 2021 03:38 IST
File photo of Rashtriya Ispat Nigam Limited steel plant in Andhra s Vishakhapatnam (Picture Courtesy: Twitter @RINL VSP)
Facing protest from the opposition, Andhra Pradesh CM YS Jagan Mohan Reddy has written a letter to the Prime Minister Narendra Modi, requesting the Centre to reconsider its plan of disinvestment of Vizag-based Rashtriya Ispat Nigam Limited.
The Cabinet Committee on Economic Affairs has given in-principle approval to privatise Rashtriya Ispat Nigam Ltd. The government currently holds 100 per cent stake in the maker of crude steel. The PSU, that is a corporate entity of Visakhapatnam Steel Plant, comes under Ministry of Steel. CCEA, in its meeting on January 27, approved strategic divestment of government’s 100 per cent shareholding in the company along with management control, DIPAM Secretary tweeted. Dear Reader,
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Since assuming power in 2014, the NDA government had vowed to press ahead with strategic sales, which involves giving up management control, but the process has been hobbled by a string of factors. The government has set a target of raising Rs 2.1 lakh crore from asset sales in state-run companies in the current fiscal but officials reckon that it will be missed by a wide margin.