Prof K Nageshwar: Alternative to privatisation of Vizag steel plant (Video)

You can still enroll as a voter for MLC elections with this link: http://ceotserms2.telangana.gov.in/MLC/form18.aspx
? || Alternative to privatisation of Vizag steel plant ||

Andhra Pradesh chief minister Y S Jagan Mohan Reddy on Wednesday announced that the state assembly would adopt a resolution soon requesting the Centre to drop its proposal to privatise the prestigious Rashtriya Ispat Nigam Limited (RINL), better known as Visakhapatnam Steel Plant.
We shall make all out efforts to ensure that the Vizag steel plant, which is a sentiment of the people of Andhra Pradesh, will not be sold out to private parties under any circumstances. I am confident that the Centre will change its stand in this regard, Jagan said.

The chief minister held an hour-long meeting with the representatives of various trade unions belonging to Visakhapatnam Steel Plant in the wake of intensifying agitation of the workers against privatisation of the plant.

He said he had suggested to the Centre to restore the leases of the RINL in the iron ore mines in Odisha as a strategy to prevent proposed privatisation of the steel plant.

The chief minister said the RINL was suffering losses due to lack of captive mines and it was forced to spend an additional amount of 4,000 per tonne of iron ore. I wrote a letter to Prime Minister Narendra Modi, requesting that a captive iron ore mine in the neighbouring Odisha state be allocated to the RINL, he said.
He pointed out that the RINL had earlier been given 51 per cent of share in five iron ore mines Odisha, the remaining 49 per cent stake belonging to the Central government, LIC and Odisha Mineral Development Corporation.

These mines have high quality iron ore to the extent of 200 million tonne, which is enough for the RINL for the coming several years. However, the lease agreement of these mines had lapsed long ago. If this agreement is revived and the stakes of RINL is restored, the steel plant will be back into profits, Jagan said.

He further said the RINL had an accumulated debt of 22,000 crore, including long-term loans worth 12,000 crore and another 11,000 crore loans obtained from banks towards working capital. Some banks had given loans at a high interest rate of 14 per cent.
https://www.hindustantimes.com/india-news/andhra-assembly-to-adopt-resolution-against-privatisation-of-vizag-steel-plant-101613568374945.html

Facebook Comments

About SocialNewsXYZ

An Indo-American News website. It covers Gossips, Politics, Movies, Technolgy, and Sports News and Photo Galleries and Live Coverage of Events via Youtube. The website is established in 2015 and is owned by AGK FIRE INC.

Summary
Title
Prof K Nageshwar: Alternative to privatisation of Vizag steel plant (Video)
Description

You can still enroll as a voter for MLC elections with this link: http://ceotserms2.telangana.gov.in/MLC/form18.aspx ? || Alternative to privatisation of Vizag steel plant || Andhra Pradesh chief minister Y S Jagan Mohan Reddy on Wednesday announced that the state assembly would adopt a resolution soon requesting the Centre to drop its proposal to privatise the prestigious Rashtriya Ispat Nigam Limited (RINL), better known as Visakhapatnam Steel Plant. We shall make all out efforts to ensure that the Vizag steel plant, which is a sentiment of the people of Andhra Pradesh, will not be sold out to private parties under any circumstances. I am confident that the Centre will change its stand in this regard, Jagan said. The chief minister held an hour-long meeting with the representatives of various trade unions belonging to Visakhapatnam Steel Plant in the wake of intensifying agitation of the workers against privatisation of the plant. He said he had suggested to the Centre to restore the leases of the RINL in the iron ore mines in Odisha as a strategy to prevent proposed privatisation of the steel plant. The chief minister said the RINL was suffering losses due to lack of captive mines and it was forced to spend an additional amount of 4,000 per tonne of iron ore. I wrote a letter to Prime Minister Narendra Modi, requesting that a captive iron ore mine in the neighbouring Odisha state be allocated to the RINL, he said. He pointed out that the RINL had earlier been given 51 per cent of share in five iron ore mines Odisha, the remaining 49 per cent stake belonging to the Central government, LIC and Odisha Mineral Development Corporation. These mines have high quality iron ore to the extent of 200 million tonne, which is enough for the RINL for the coming several years. However, the lease agreement of these mines had lapsed long ago. If this agreement is revived and the stakes of RINL is restored, the steel plant will be back into profits, Jagan said. He further said the RINL had an accumulated debt of 22,000 crore, including long-term loans worth 12,000 crore and another 11,000 crore loans obtained from banks towards working capital. Some banks had given loans at a high interest rate of 14 per cent. https://www.hindustantimes.com/india-news/andhra-assembly-to-adopt-resolution-against-privatisation-of-vizag-steel-plant-101613568374945.html

Share

This website uses cookies.

%%footer%%