Visuals from the meeting of Steel bigwigs in New Delhi where the revival plan of Vizag Steel Factory was announced.
New Delhi: Union Minister for Steel and Heavy Industries, H.D. Kumaraswamy, announced that the National Steel Industry (RNIL) or Vizag Steel Company in Visakhapatnam, Andhra Pradesh, which was facing severe financial losses and was on the verge of privatization, will be revived at a cost of ₹11,440 crore.
Kumaraswamy described it as a ‘historic decision’, which has been possible under the leadership of Prime Minister Narendra Modi.
He said this was a bold step towards boosting the domestic steel sector.
Kumaraswamy, along with Minister of State for Steel, Bhupathiraju Srinivas Verma, and Union Civil Aviation Minister Rammohan Naidu, announced the Vizag Steel package at a media briefing held at the Steel Ministry in New Delhi.
The Steel Minister said that the Cabinet Committee on Economic Affairs (CCEA) meeting chaired by the Prime Minister on Thursday approved the Vizag Steel revival package.
“Prime Minister Modi had said that he would give good news to the people of Andhra Pradesh by Sankranti. Accordingly, the revival package for the Visakhapatnam steel plant has been announced. In this context, I would like to express my special thanks to the Prime Minister and Finance Minister Nirmala Sitharaman for their full cooperation in our efforts,” the Minister said.
Annual steel output: 7.3 million tonnes
Speaking during his first visit to the Vizag Steel Factory after the announcement of the package, Kumaraswamy said: “We will start all the three blast furnaces of the factory and make necessary arrangements for full-scale steel production of the entire factory in a few months. The factory has a loan of ₹35,000 crore, and keeping that in mind, we will increase the efficiency and capacity of production. We have set a target of producing 7.3 million tonnes of steel annually. We will repay the loan in phases.”
‘300 million tonnes of steel by 2030’
“Prime Minister Narendra Modi has set a target of 300 million tonnes of steel production domestically by 2030. Many stringent measures have been taken to achieve this target. The Vizag Steel Revival Scheme has been formulated with this aim in mind. This factory will make a huge contribution to this aim,” Kumaraswamy said.
‘Wage problem resolved’
The Minister also said the workers in the plant had been working without wages for the last three months.
“There is a significant increase in production now. It was difficult to pay wages thus far. We will put the wage payment system on the right track in two to three months,” he promised.
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