Steel executives seek formation of single maha unit by merging plants
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‘Move will synergise their strengths’
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‘Move will synergise their strengths’
The Steel Executive’s Federation of India (SEFI) sought formation of a single maha steel unit by merging steel plants of Steel Authority of India Limited (SAIL) and its subsidiary units with Rashtriya Ispat Nigam Limited, RINL and its subsidiary company, Neelanchal Ispat Nigam Limited, NMDC (both steel plant and mining sector) and Mecon under the Ministry of Steel.
A resolution to this effect was passed by the SEFI at hits meeting in Delhi, on Sunday night. The meeting was attended by representatives of Officers Association of SAIL, Steel Executives Association of Visakhapatnam Steel Plant, officers association of NINL and NMDC Steel Officers Association, according to a statement issued by SEA (Steel Executive Association), Visakhapatnam, here on Monday.
March sales highest since RINL’s inception, ₹740 crore profit in last 4 months
Amidst an agitation taken up by the employees of Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant, against the proposed 100% strategic sale of the plant, RINL has registered a strong performance by recording a sales turnover of around ₹18,000 crore for the financial year ending 2020-21, which is said to be the second highest since its inception.
It also recorded an impressive growth of 13% and the sales volumes reached 4.45 million tonnes, with a growth of about 4%. The company also registered a net profit of about ₹740 crore in the last four months, but the annual figure is yet to be arrived at, after calculating the losses it made during the peak COVID-19 period.
Run organised against privatisation of Visakhapatnam Steel Plant ANI | Updated: Mar 14, 2021 14:50 IST
Visakhapatnam (Andhra Pradesh) [India], March 14 (ANI): A large number of Visakhapatnam Steel Plant workers, trade union, and their family members participated in a five-kilometre long run on Sunday to protest against the privatisation of the plant.
Disappointed with the decision of the Steel Plant being privatised, the people who participated in the run said: We will not let it be privatised. As many as 32 lives were sacrificed for the steel plant establishment in Visakhapatnam.
The run was organised by Visakha Ukku Porata Parirakshana Committee (VUPPC) and conducted from Kyramanapalem steel plant junction to the old Gajuwaka Centre here.
Andhra Pradesh: Steel Plant Workers Agitate Against Centre s Privatisation Plan
The Centre s decision on 100% disinvestment in Rashtriya Ispat Nigam Limited, the corporate entity of Visakhapatnam Steel Plant, has triggered massive protests in the state.
A view of Visakhapatnam Steel Plant (VSP) under the corporate entity Rashtriya Ispat Nigam Ltd. Photo: Vizag Steel website
Rights13/Mar/2021
Vijayawada: On March 8, Union finance minister Nirmala Sitharaman gave a statement in the parliament on 100% disinvestment in Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant (VSP). The announcement has stoked regional sentiment in Andhra Pradesh, triggering massive protests.
In a written reply to a question raised by YSR Congress MP Vijayasai Reddy in the Rajya Sabha, the finance minister declared that the central government will divest 100% of its equity in the RINL along with the the PSU’s stakes in subsidiaries and joint ventures through strategic
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