State govt. urges Centre to explore other options

State govt. urges Centre to explore other options

The Hindu

As the proposed strategic sale of the Central government’s stake in the Visakhapatnam Steel Plant (VSP) stirred up a hornet’s nest, Chief Minister Y.S. Jagan Mohan Reddy shot off a letter to Prime Minister Narendra Modi requesting him to reconsider the privatisation move and explore other opportunities to put it back on track. He pointed out that the VSP had posted a good performance between 2002 and 2015 when it had a positive net worth. The plant had achieved a turnaround in 2002 after being referred to the Board for Financial and Industrial Reconstruction as a sick company. It has a capacity of 7.30 million tonnes and even undertook modernisation and capacity expansion.
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