PM Modi govt allocates revival package for Vizag Steel Plant

Vizag Steel Plant happens to be the pride of all Andhra people and the talk of privatisation for the last ten years sounded a death knell to the people. 

Be it the previous Chandra Babu's govt or Jagan Mohan Reddy's government for all their tough postures unable to get a word from the Union Government against the steel plant privatisation.

Even after the current coalition came to power, during the last Vizag visit by the PM Modi, he remained non committal giving sleepless nights to all the protesting Steel Plant employees. 

However finally, PM Modi delighted Vizagaites by announcing revival package. Union Minister Ashwini Vaishnaw speaking to scribes said "As we all know that RINL has a very special position in the entire steel industry. It is one of those plants which is located on the coast of Andhra Pradesh in Vizag. This is a very important steel company in the overall steel sector of the country,"

He said"With this revival package many of the historical legacy problems that RINL used to face will be resolved"

In this overall package of Rs 11440, fresh equity infusion would be worth Rs 10,300 crore and the conversion of working capital loan into preferred share capital of Rs 1140 crore.

PM Modi shared "Visakhapatnam Steel Plant holds a special place in the hearts of the people of Andhra Pradesh. In yesterday's cabinet meeting, we decided to provide an investment support of over Rs. 10,000 crores to this plant. We have taken this step realizing the importance of the steel sector in achieving a self-reliant India.'

After the announcement, AP CM Chandra Babu heaped praises on PM Modi. He posted "Today marks a historic moment etched in steel. It is an emotional and proud moment for people of Andhra Pradesh, as the Union Government, in response to GoAP's consistent efforts since the formation of NDA Government, has approved financial support of Rs. 11,440 crore to revive the Vizag Steel Plant.

I extend my heartfelt gratitude to the Hon'ble Prime Minister, Shri 

@narendramodi

 Ji for his unwavering support to the Steel Plant, which I assure, will contribute to PM’s vision of nation building as part of Viksit Bharat – Viksit Andhra. 

Special thanks to Hon'ble Finance Minister, Smt 

@nsitharaman

 Ji and the Hon'ble Union Steel Minister, Shri 

@hd_kumaraswamy

 Ji for their constant support and positive response.

The Vizag Steel Plant is more than just a factory—it stands as a monument to the struggles and spirit of the people of Andhra Pradesh, holding a special place in the hearts of all, especially the people of Vizag. This was not merely an election promise; it was a deeply personal commitment we were determined to honour. Good days ahead for Andhra Pradesh! Visakha Ukku, Andhrula Hakku!#GoodDaysForVSP #RINL"