HD Kumaraswamy, the Union Minister of Steel, has assured that the Vizag Steel Plant won't be privatized. He also said that a revival plan will be rolled out for the PSU.
"A revival fund of Rs 8,000 crore and a transfer of 22,000 acres of land from the President to Rashtriya Ispat Nigam Ltd, the corporate entity of Visakhapatnam Steel Plant, has been sought," a report says.
While the Centre's taking this stance is ostensibly dictated by the compulsions of coalition politics, it is also true that privatization wouldn't have been undesirable. "RINL incurred a loss of Rs 2,859 crore the previous financial year and its capacity was running much below the 7 MT capacity," a recent newspaper report said.