Comments
The proposed disinvestment of 10 per cent stake in the Rashtriya Ispat Nigam Limited - Visakhapatnam Steel Plant is facing opposition from the CPI(M). Calling it a retrograde move, Ch Narasinga Rao, a member of the State executive of the CPM, said, the move should be opposed by the unions and the public.
At a press meet here on Wednesday, he said the NDA Government appeared to be firm on completing the process of offloading 10 per cent stake in the public sector unit by November and, therefore, the unions and others should intensify their struggle.
He said, as the only shore-based steel plant in the country, RINL has a good advantage, but the Government was going ahead with its decision to dilute its equity.
He mentioned that the UPA Government too had made attempts to push through the 10 per cent stake sale, but the move had to be postponed due to weak market conditions.
He also accused the Government of grossly undervaluing the plant, ignoring its advantages such as its location and the ensuing logistical advantages, the huge land bank it was having and the recent completion of the expansion project.
He said the Government was highlighting only the disadvantage of the RINL of not having captive iron ore mines.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.