Visakhapatnam Steel Plant receives defends from Centre for its privatisation

Mar 31,2021

The growing concerns against the privatisation of Visakhapatnam Steel plant and it is calling for centre’s involvement.

To defend privatisation of Visaka Steel Plant, Anurag Singh Thakur, Union Minister of state for Finance and Corporate affairs said that the privatisation of RINL will lead to infusion of capital for optimum utilisation and expansion of capacity, infusion of technology and better management practices.

To reply a representation given by MP Galla Jayadev, Anurag Singh Thakur said that privatization will induce high production and productivity and create expansion of direct and indirect employment opportunities.

Further, he ensured that while deciding terms and conditions of sale, legitimate concerns of existing employees and other stake holders are suitably addressed through provisions made in share purchase agreement.

According to statement of Lakshminarayana, five lakh people are dependent directly or indirectly on the Steel Plant. Among them, 17,000 permanent employees and 16,000 contract workers. In petition, Lakshminarayana said that five lakh people are directly or indirectly depend on the Steel Plant. Also, the employees are unhappy with the decision of the Centre.

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