Visakhapatnam: MP Satyanarayana demands withdrawal of RINL's disinvestment plans

Visakhapatnam: Visakhapatnam MP MVV Satyanarayana made it clear that he will not step back even to put his papers down if the Centre refused to withdraw the proposal of privatising RINL.

Speaking to the media here on Sunday, the MP said the RINL is one of the largest steel makers that produce quality products. "It has the capacity to fall back on track even if it is incurring losses. Lack of own mines is one of the main reasons for the steel plant to slip into losses. This apart, a huge amount of interest is also being paid for loans applied for the plant's expansion plans. If the financial aid taken to the tune of Rs 22,000 crore could be converted into equity, the plant could return to normalcy in no time," he opined.

Accompanied by YSRCP Rajya Sabha member V Vijayasai Reddy, Satyanarayana said he would meet Prime Minister Narendra Modi and explain the sentiments of Andhra people and appeal to the PM to reconsider the proposal of privatising the steel plant.

Addressing the gathering, Gajuwaka MLA Tippala Nagireddy said Visakhapatnam Steel Plant plays a key role in the development of the district. After elaborate discussions with the party members and union leaders, the MLA said, the YSRCP would mount pressure on the Centre to withdraw its move to privatise the VSP. Trade union leaders M Rajashekar and D Adi Narayana, among others participated in the meeting.