RINL privatisation: Bring in assembly resolution to stall move
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Visakhapatnam: THE employees of Rashtriya Ispat Nigam Limited (RINL) and their former colleagues say a resolution in State Legislative Assembly can stop privatisation of the PSU.
They are of the opinion that nearly 22,000 acres was acquired from the farmers in 1975 by State revenue authorities with the promise of jobs to locals and prosperity to the region.
"We request Chief Minister YS Jagan Mohan Reddy to move a resolution in the Assembly to save RINL, the corporate entity of VSP from going into private hands," RINL recognised union president J Ayodhyaram told Bizz Bizz.
Dega Satyanarayana, former president of Steel Executives' Association (officers' body of RINL) said monetisation of about 1,000 acres abutting the highway and 22 acres at HB Colony in the city can help pool up Rs10,000 crore to contribute to Centre's disinvestment target of Rs1.75 lakh crore.
RINL performed well in 2020-21 by achieving second highest turnover of Rs 18,000 crore. The Cabinet Committee on Economic Affairs (CCEA) on January 27 accorded in-principle approval for 100 per cent privatisation of RINL.
The Chief Minister in two letters to Prime Minister Narendra Modi sought captive iron mines immediately to reduce VSP's production cost.
Katam SS Chandra Rao, joint secretary, Steel Executives Federation of India, said this is the right time to adopt a special resolution by Andhra Pradesh Assembly as it has been promised by the Chief Minister.
