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NRIPage | Articles | Central Government Takes Steps to Halt Disinvestment of Visakhapatnam Steel Plant Amid Protests | Get General Articles. Stay Informed on a World of Topics - NRI Page
As part of its commitment to the NDA coalition's promises made prior to the elections, the central government is actively working to halt the disinvestment process of the Rashtriya Ispat Nigam Limited (RINL), commonly known as the Visakhapatnam Steel Plant. Under the leadership of Chief Minister Chandrababu Naidu, there are ongoing efforts to ensure the plant remains operational amid concerns over financial viability and raw material shortages.
Recent reports indicate that the BJP-led central government is providing substantial financial support to RINL, which has been facing a severe financial crunch. In a proactive measure, the Ministry of Steel has infused approximately ₹1,650 crore into the state-owned enterprise to help stabilize operations and prevent a total shutdown. This funding follows a previous allocation of ₹500 crore for equity and a working capital loan of ₹1,140 crore granted in September when the plant was nearing closure.
The recent ₹1,650 crore infusion is seen as a critical step toward maintaining RINL as a viable entity and countering the persistent rumors of privatization. Additionally, SBICAPS, a subsidiary of the State Bank of India, is reportedly compiling a report on the sustainability of RINL, which will play a crucial role in future decision-making regarding the plant’s operational status.
Despite assurances from both the Andhra Pradesh government and the Union Minister for Steel, concerns linger about the potential privatization of RINL. Workers have expressed their discontent through protests, demanding clarity and stability regarding their jobs and the future of the plant. However, the central government appears committed to honoring the earlier promises made by Naidu and other NDA leaders, especially in light of the cabinet committee on economic affairs' decision in 2021 to pursue 100% disinvestment.
As these developments unfold, the focus remains on the government's ability to effectively revitalize the Visakhapatnam Steel Plant and navigate the complexities of regional and national economic policies while addressing the concerns of workers and stakeholders.
