VizagNews.com - CITU opposes private investment in Visakhapatnam Steel Plant

Visakhapatnam, November 3, 2005

The Centre of Indian Trade Unions (CITU) has opposed the reported move of Visakhapatnam Steel Plant to invite private investment to the tune of Rs. 1000 crores for setting up the additional power and air separation plants required under its expansion plan. Speaking at a press conference held on Thursday, the District Secretary of CITU A. Ajay Sharma said they had successfully warded off private investment move in the Steel Plant in the year 2000 though agitation. Again, such a move is going on in some form or other and the CITU will launch agitation if it is not dropped.

Visakhapatnam Steel Plant had a surplus of Rs. 5000 crores could easily meet the additional requirement of funds within the three years, he said. During the last three years the plant had earned profits of Rs. 500 cores, Rs. 1500 crores and Rs. 2000 crores respectively. He demanded captive mines for the plan as it was the only public sector steel plant without is own mines.

The General Secretary of the Steel Plant Employees Union N.Rama Rao alleged that by privatization, the additional thermal power plant and the air separation plant, the Government aimed at selling the power as well as oxygen and acetylene which had ready market.

Andhra Pradesh News

National & International News

Andhra Pradesh Discussions

Join our discussions on hottest topics on Andhra Pradesh

Catch up more discussions at AndhraNews.com