RINL puts up a good spectacular show again
Visakhapatnam AP Legislative Assembly on Thursday adopted a resolution unanimously opposing Centre's decision to privatise RINL. Stating that VSP as the 'Pride of Andhra' it recalled how after a prolonged agitation under the banner of 'Visakha Ukku Andhula Hakku' the then Prime Minister Indira Gandhi was compelled to concede the demand for India's first share-based integrated steel plant. Blaming denial of captive iron ore mines leading to steep increase in cost of production due to sourcing of raw materials from others, the resolution sought grant of captive mines and capital restructuring to reduce loan burden on the steel plant which a capacity to produce 7.3 million tonne per annum. Hailing the resolution, Katam SS Chandra Rao, joint secretary of Steel Employees' Federation of India told Bizz Buzz that if the State government opposes privatisation firmly, the Centre cannot go ahead with its decision to sell away RINL.
