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.
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YS Jagan seeks Narendra Modi s Appointment on Vizag Steel Plant Issue:- The Centre made some sensational announcements yesterday that the Vizag Steel Plant would be privatized at any cost and Union Finance Minister Nirmala Sitharaman said that the state government has no stake in the Vizag Steel Plant and it cannot stop the privatization. A series of protests are staged in Vizag and the government of Andhra Pradesh is blamed for the consequences. Andhra Pradesh Chief Miniter YS Jaganmohan Reddy earlier penned a letter to Indian Prime Minister Narendra Modi about the same. He sought the appointment of Narendra Modi to discuss about the Vizag Steel Plant issue. YS Jagan also said that he would lead an all-party delegation and the trade unions.
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A view of Visakhapatnam Steel Plant (VSP) under the corporate entity Rashtriya Ispat Nigam Ltd
State-owned Rashtriya Ispat Nigam Limited (RINL) will raise Rs 1,000 crore from the sale of its 22.19-acre land in Visakhapatnam. Just last week, state-run construction company NBCC Ltd said it has executed an MoU with RINL for redevelopment and monetisation of 22.19 acres of land in Visakhapatnam. The company expects to get around Rs 1,000 crore as the market price of land is around Rs 1 lakh per square yard, a source in the company told news agency PTI.
The amount raised will be utilised by the company to pay back portion of debt. According to available data on RINL s website, the company had a debt of Rs 19,592 crore in financial year 2018-19.Â
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.