Lokesh Rules Out Privatisation Of RINL

Visakhapatnam: Minister for IT, Electronics, HRD and RTG Nara Lokesh on Wednesday blamed the YSRCP for spreading rumours on imminent privatisation of Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant. “Are there any talks over privatisation? Why is such propaganda being unleashed? YSRCP’s motive is evident as they want to demoralise the employees and weaken VSP, considered the pride of Andhra people,” he told the media after addressing CII Infrastructure Summit here.

He said Chief Minister N. Chandrababu Naidu is very firm in safeguarding the interest of RINL and strengthening it. He said TDP State president and Gajuwaka MLA Palla Srinivasa Rao categorically announced that their party is totally against privatisation of RINL and recalled how Chief Minister N. Chandrababu Naidu had earlier brought pressure on the Centre for capital restructuring of the company to save it from the brink of privatisation.

He said steps will be initiated to put RINL back on a profitable path. RINL at present has scaled down production drastically by operating one among three blast furnaces due to severe working capital crunch and raw material insecurity.