India News | Vizag Steel Plant Will Not Be Merged with SAIL: Union Minister Srinivasa Varma

West Godavari (Andhra Pradesh), Jan 23 (PTI) Union Minister of State for Steel B Srinivasa Varma on Thursday said that the prospect of merging Visakhapatnam Steel Plant (VSP) with the Steel Authority of India (SAIL) will not arise.

The SAIL had rejected the idea of merging an indebted entity into it, he said here.

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"The merger of VSP into SAIL will not happen. I am telling this as the steel minister (MoS). SAIL officials raised the objection that they will not merge a company plagued with debts," said Raju, according to a BJP release.

The minister noted that SAIL officials asked for the handover of VSP or Rashtriya Ispat Nigam Ltd's (RINL) management after it frees itself from debts.

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Before January end, Raju said production would start at VSP with the supply of raw material to bring it into full production by August end to make it profitable.

According to the BJP leader, the Centre sanctioned the recent financial support of Rs 11,440 crore to avert the privatisation of the steel plant and 'honour the sentiments of Andhra people'.

Moreover, he highlighted that Union Steel Minister HD Kumaraswamy had announced that another 'massive' package will be given to VSP in the future.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)