YSRCP member in LS opposes Vizag Steel privatisation

·1-min read

New Delhi, Feb 8 (PTI) The YSRC party on Monday opposed in Lok Sabha the government's plan to privatise Vizag steel plant (VSP) and said that the Andhra Pradesh Government is ready to work with the Centre to ensure its turnaround.

The Cabinet Committee on Economic Affairs had on January 27 given in-principle approval for the privatisation of Rashtriya Ispat Nigam Limited (RINL) or Vizag Steel Plant.

Raising the issue during the Motion of Thanks to the President's address, YSRCP member P V Midhun Reddy said VSP employs about 20,000 contract workers and has a sentimental value for the people of Andhra Pradesh.

The company has a debt burden of Rs 22,000 crore, whereas the market value of a land parcel held by the company is about Rs 1 lakh crore.

'The government of Andhra Pradesh is ready to work with the Centre to put Vizag Steel Plant back on track,' Reddy said, asking the government to reconsider the disinvestment plan of RINL. PTI JD RT