Jagan writes to FM seeking early revival of Vizag Steel Plant
March 09, 2021
Suggests various options including debt swap, listing, monetising 7,000 acres of land
Andhra Pradesh Chief Minister YS Jagan Mohan Reddy has requested Union Finance Minister Nirmala Sitharaman to convene a meeting to find a resolution for the revival of Vizag Steel Plant (VSP) instead of the proposed divestment by the Central Government.
Among various suggestions, including allocation of captive iron ore mines in Odisha, swapping of high-cost debt of ₹22,000 crore (now at 14 per cent PA), and monetising 7,000 acres of land worth out of VSP’s huge land bank of 19,700 acres worth over ₹1-lakh crore, he suggested that the loans could be converted into equity by the banks so as to remove the interest burden totally.
Employees, trade union members stall traffic on NH at Kurmannapalem
Union Finance Minister Nirmala Sitharaman’s statement in Parliament on Monday that the Centre would divest its stake in Visakhapatnam Steel Plant (VSP) has sparked protests by employees at Kurmannapalem on Monday.
The Finance Minister was replying to questions posed by Visakhapatnam MP M.V.V. Satyanarayana and Araku MP Goddeti Madhavi in the Lok Sabha.
The employees and trade union representatives, who have been organising protests against the decision of the Union government for the past several weeks, stopped traffic on the National Highway at Kurmannapalem on Monday evening after they came to know about the Finance Minister’s statement. The protest is still continuing when the last reports received and the police diverting traffic.
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ArcelorMittal to set up integrated steel plant with Rs 50,000cr investment in Kendrapada
Steelmaker ArcelorMittal Nippon Steel India (AM/NS India) on Thursday inked an agreement with the Odisha government for setting up a 12 mtpa integrated steel plant in Kendrapada district with an investment of Rs 50,000 crore, officials said.
Chief Minister Naveen Patnaik and steel tycoon Lakshmi N Mittal were present during the signing of the Memorandum of Understanding (MoU) at Lokaseva Bhavan.
Mittal met Patnaik at his residence Naveen Niwas earlier in the day and discussed his company ArcelorMittal s projects in the state, an official said.
The industrialist had met Union Steel Minister Dharmendra Pradhan in New Delhi on Tuesday.
ArcelorMittal Nippon Steel India (AM/NS India) and the Odisha government signed a memorandum of understanding (MoU) on Thursday for setting up a 12 million tonne integrated steel plant. Chief Minister Naveen Patnaik in a tweet said that the Odisha government had signed an MoU with AM/NS India for a 12 million tonne per annum (mtpa) integrated steel plant in Kendrapara district, with an investment of Rs 50,000 crore, giving a major boost to “Invest in Odisha”. The MoU was signed by Hemant Sharma, principal secretary (industries) and Dilip Oommen, chief executive officer (CEO), AM/NS India, in the presence of Patnaik and ArcelorMittal Executive Chairman L N Mittal.
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ArcelorMittal Nippon Steel India inks pact with Odisha to set up Rs 50,000 crore steel plant
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ArcelorMittal Nippon Steel India inks pact with Odisha to set up Rs 50,000 crore steel plantBy
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Chief Minister Naveen Patnaik and steel tycoon Lakshmi N Mittal were present during the signing of the Memorandum of Understanding (MoU) at Lokaseva Bhavan.
Reuters
ArcelorMittal Nippon Steel India to invest Rs 50,000 crore to set up a new 12 million tonne per annum plant in Odisha.
The company has signed a memorandum of understanding with the Odisha government on Thursday.
“Giving a major boost to Invest in Odisha, Odisha Government has signed an MoU with AMNS India for a 12 million ton integrated steel plant in Kendrapara district with an investment of Rs 50,000 crore, said Naveen Patnaik in a Tweet from CMO Odisha on Thursday.