Steel Minister assures to address concerns of RINL staff
Union Minister of State for Steel Faggan Singh Kulaste has said that employees' concern will be addressed while signing share purchase agreement (SPA) with prospective buyers of Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant, once it is acquired by private players.
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Visakhapatnam: Union Minister of State for Steel Faggan Singh Kulaste has said that employees' concern will be addressed while signing share purchase agreement (SPA) with prospective buyers of Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant, once it is acquired by private players.
Responding to a question by BJP member GVL Narsimha Rao, he informed the Rajya Sabha that while deciding the terms and conditions of the strategic sale, legitimate employee concerns are suitably addressed through appropriate provisions made in the or other agree ments to be signed by the government with potential strategic buyers.
The Minister said RINL management has engaged with various registered unions on the issue of disinvestment of the company and impressed upon the need for improvement in the plant performance and continuous production. Strategic disinvestment of Government of India's equity will lead to infusion of capital for optimum utilisation, expansion of capacity, infusion of technology and better management practices with resultant higher production and productivity and expansion of direct and indirect employment opportunities.
