CPI to intensify agitation against ‘privatisation’ of VSP
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CPI State assistant secretary J.V. Satyanarayana Murthy has demanded that the Centre instantly drop the transfer of withdrawing its stake within the Visakhapatnam Steel Plant (VSP) and handing over the plant to the POSCO.
Addressing the media right here on Thursday, Mr. Murthy recalled that when the VSP was on the verge of being referred to the Board for Industrial and Financial Reconstruction (BIFR) in 1998-99 fiscal yr, freedom fighters Patti Seshayya and Bairagi had ready for taking a ‘Jala Samadhi’. The battle had not solely prevented the VSP of being referred to the BIFR but in addition noticed the plant incomes earnings within the subsequent years.
‘Navaratna’ PSU
The plant has gone for growth from 3.4 million tonnes to 7.3 million tonnes, with its personal funds and financial institution loans. The ‘Navaratna’ PSU is being privatised on the plea that it’s accruing losses after 2015, he stated.
“The VSP is the biggest heavy industry in the State and it is for this reason that Gajuwaka Assembly constituency has people with the highest per capita income in the State. The allocation of captive mines to the VSP will help the it make profit again,” Mr. Murthy noticed.
He recalled that the Centre, up to now, had divested its stake within the Puuchostan Zinc Plant (HZL) and it was handed over to the Vedanta Group later. “Similarly, plans are afoot to hand over the VSP to the POSCO. Agitations against the move will be intensified in Andhra Pradesh and Telangana,” stated Mr. Murthy.
CPI leaders M. Pydiraju and A. Vimala have been current on the occcasion.
