Key Remarks by Union Minister Kumaraswamy on Visakhapatnam Steel Plant Privatization
Union Minister of Steel Kumaraswamy stated that financial difficulties for the Visakhapatnam Steel Plant began after its modernization and expansion. He explained that loans taken from banks for the expansion had become a burden. He also mentioned that protests against privatization had led to a decline in production.
According to Kumaraswamy, the steel plant currently has outstanding debts amounting to ₹35,000 crore. However, he assured that the plant would not be privatized and that the government was committed to its full-scale development. He emphasized that efficient management would transform the plant into the country's top steel producer. Additionally, he stated that the central government was preparing a roadmap for the effective utilization of the financial package it had provided.
Kumaraswamy also addressed concerns of the plant’s workers, stating that their issues would be resolved within three months. He urged the workers to cooperate and claimed that labor unions had agreed to the proposed solutions. He further announced that a working plan for the plant would be released within 15 days. Strengthening the Visakhapatnam Steel Plant remains a top priority, he reiterated.
According to Kumaraswamy, the steel plant currently has outstanding debts amounting to ₹35,000 crore. However, he assured that the plant would not be privatized and that the government was committed to its full-scale development. He emphasized that efficient management would transform the plant into the country's top steel producer. Additionally, he stated that the central government was preparing a roadmap for the effective utilization of the financial package it had provided.
Kumaraswamy also addressed concerns of the plant’s workers, stating that their issues would be resolved within three months. He urged the workers to cooperate and claimed that labor unions had agreed to the proposed solutions. He further announced that a working plan for the plant would be released within 15 days. Strengthening the Visakhapatnam Steel Plant remains a top priority, he reiterated.