Visakhapatnam Steel Plant's financial crisis is result of concerted conspiracy: Vijayasai Reddy

Visakhapatnam: Rajya Sabha MP V Vijayasai Reddy alleged that the reason for Visakhapatnam Steel Plant (VSP) falling into a financial crisis is a result of a 'concerted conspiracy' hatched by successive Union governments.

Speaking at a public meeting with all party leaders here on Wednesday, the MP Vijayasai Reddy said according to the records, the Visakhapatnam Steel Plant (VSP) was a debt-free company as of 2002 but the successive governments did not take corrective measures to save the company from incurring losses.

Vijayasai Reddy further pointed out that the government did not allocate its own captive mines fearing that the move would help the company make profits.

The MP assured that the Visakhapatnam Steel Plant (VSP) will turn into a huge profit-generating company within a year if the Union government allots iron ore mines. Similarly, company loans should also be converted into equity, he suggested. The MP clarified that the fight will continue until the Centre's proposal to privatise Rashtriya Ispat Nigam Ltd (RINL) is taken back and added that he would fight together with all political parties and trade unions.

Further, Vijayasai Reddy said he will be visiting New Delhi along with trade union leaders and bring the seriousness of the issue to the notice of the concerned Minister and also try for an appointment with Prime Minister Narendra Modi.

Tourism Minister M Srinivasa Rao said a fitting lesson will be taught to the Centre if the sentiments of the people were not valued.

VSP employees and political party leaders raised slogans against the Union government. The meeting was held under the aegis of INTUC, MLAs T Nagireddy, G Amarnath and A Adeep Raj, along with CPI and CPM leaders, including Ch Narasinga Rao, JV Satyanaraya Murthy, INTUC national secretary Mantri Rajasekhar, and other union leaders J Ayodhya Ram, J Mutyala Naidu and D Adinarayana.