Centre decides to privatise the Vishakapatnam steel plant, to sell it 100 percent stake

The central government has decided to sell the Visakhapatnam Steel Plant, which has been achieved through many struggles. The Union Cabinet has approved the privatisation of the steel plant. The centre has decided to sell 100 per cent stake in the steel plant.

Also, the central government has decided to withdraw itself from Rashtriya Ispat Nigam Limited and has decided to fully privatise the steel plant, including its management responsibilities. The decision was formally approved by the Union Cabinet on Economic Affairs.

The Union Cabinet has given nod to the sale of a state-owned enterprise like Visakhapatnam Steel to private individuals as part of a Rs 1.75 lakh crore fund-raising drive through the sale of state-owned enterprises. At present, the land value of the Visakhapatnam steel plant is over Rs 2 lakh crore. Criticisms have been leveled at the sale of such a steel plant under the name strategic Sale.