“Even now, if the Central government allocates captive iron ore mines to the steel plant, we challenge that we can bring the plant back on profits and also make it run to full capacity,” Ramu said.Īccording to Naidu, there are around 17,000 permanent employees in the RINL, besides another 16,000 contractual workers. “However, due to a slump in the market and later the Covid-19 pandemic, the production has come down resulting in losses in the next two years,” he said. In 2017-18, it incurred net losses worth ₹1,321 crore, but the next year, it bounced back with a net profit of ₹96 crore. The RINL has been incurring losses over a period of time, but occasionally, it has also been making profits. We assured the government that we shall work hard to make the company turnaround and within two years, we proved it,” J Ayodhya Ramu, president of CITU, Vizag Steel, said. “In 2003-04, the company was referred to the Board for Industrial Finance and Reconstruction (BIFR) for winding up due to losses, but we agitated then, too. “We require 20,000 tonnes every day and that is resulting in huge losses to the company,” Naidu said.Įstablished in 1988 after massive agitations, the RINL has been witnessing several ups and downs in the last two decades. He said because the other steel plants have their own captive mines, they are able to get the iron ore at a cost of ₹1500 per tonne, whereas the RINL was spending ₹7,000 per tonne. We have been depending on the supplies from Bailadila mines being run by the National Mineral Development Corporation and importing coking coal from Austria,” another senior employee VM Naidu said. Unlike Steel Authority of India Limited (SAIL), Tata Steel, Jindal Steel and other such plants, the VSP does not have its captive iron ore mine. “The basic reason for this underperformance of the plant is lack of raw material. Though having an installed capacity of 21 million tonnes per year, the Visakhapatnam Steel Plant has presently been operating with a production capacity of only 7.3 million tonnes. Later, we shall tour all parts of the state to highlight our cause,” Adinarayana said. “We shall begin with a massive rally in Visakhapatnam with thousands of employees on Friday. The employees have formed an umbrella organisation in the name of joint action committee (JAC) comprising the Centre for Indian Trade Unions (CITU), All India Trade Union Congress (AITUC), Indian National Trade Union Congress (INTUC) and have decided to step up the agitation in protest against the privatisation move. Pandey tweeted that the Cabinet Committee on Economic Affairs (CCEA) on January 27 had given in principle approval for 100% strategic disinvestment of the Government of India shareholding in RINL along with management control by way of privatization. We have been left with no option but to fight it out till the Centre withdraws the proposal,” D Adinarayana, a trade union leader of the steel plant said. “Whatever we have been fearing all these days has finally happened. They have a global presence with offices in Irvine (U.S.A.) and prime cities in India such as Chennai, Bengaluru, Hyderabad, Pune, Coimbatore, Mysuru and Visakhapatnam.Thousands of employees belonging to the Rasthtriya Ispat Nigam Limited (RINL), one of the largest state-run steel plants in Andhra Pradesh’s Visakhapatnam, will take out a huge rally in the port city on Friday in protest against the NDA government’s decision of privatisation of the mega steel plant.Ī tweet by secretary of Department of Investment and Public Asset Management (DIPAM) Tuhin Kanta Pandey on Wednesday stating that the Cabinet Committee of Economic Affairs (CCEA) has cleared the privatisation of RINL, popularly known as Visakhapatnam Steel Plant or Vizag Steel, has triggered an uproar among the employees on Thursday. Hanu Reddy Realty is responsible for the landmark projects that describe the advancement of the Visakhapatnam people with revolutionary plans. They mainly trail the standards in the high position because of their efforts to achieve and gain clients' hearts. They only track innovative and creative ideas in this infrastructure industry. Hanu Reddy Realty's mission is to stimulate housing ventures to meet urban housing challenges. Their knowledge and expertise are vital in helping you achieve your real estate goals. Their agents are capable of handling transactions of immense size and complexity. They have vast experience and expertise to help sell, buy, and rent. Hanu Reddy Realty has been serving clients' requirements for over 35 years in the Real Estate Industry.
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