Varma says VSP likely to get another financial package for revival

Union minister hints at another financial package for VSP revival, ruling out privatisation or SAIL merger plan;

Update: 2025-01-23 15:51 GMT
Varma ruled out the privatisation or merger of VSP with SAIL, emphasising that the recent ₹11,440 crore package was sanctioned to reduce debts and revive operations. (File Image: DC)

Vijayawada: Union minister of state for heavy industries and steel Bhupathiraju Srinivasa Varma expressed confidence that the Visakhapatnam Steel Plant (VSP) may receive another significant financial package for its revival. Speaking at Bhimavaram, West Godavari, on Thursday, he referred to recent remarks by Union minister H.D. Kumaraswamy, hinting at additional financial support.

Varma ruled out the privatisation or merger of VSP with SAIL, emphasising that the recent ₹11,440 crore package was sanctioned to reduce debts and revive operations. He highlighted that this package, exempt from privatisation, was the largest in Andhra Pradesh’s history and a reflection of efforts to safeguard Andhrite sentiments.

The minister criticised allegations linking VSP's losses to the lack of captive mines, noting that other plants like Jindal and JSW operate profitably without their own mines. He assured employees that pending wages of ₹230 crore would be cleared soon and reiterated the Centre’s commitment to enhancing the country’s steel production.

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