Sribharat says Rs 14,000 crore revival package must boost production and financial stability
Visakhapatnam: Member of Parliament M. Sribharat has said a return to profitability by RINL would help clear pending salary dues, pension arrears and payments related to the Voluntary Retirement Scheme (VRS) in phases.
Sribharat, along with Gajuwaka MLA Palla Srinivasa Rao, reviewed RINL operations, production, market conditions and revival strategies with RINL chairman and managing director M.N.V.S. Prabhakar at the steel plant on Friday.
Sribharat said the Centre and the state government had allocated Rs 14,000 crore towards the plant’s revival and stressed the need to translate the investment into higher production and profitability.
The meeting reviewed production performance, demand trends and prevailing steel prices, besides the efforts of officials, employees and workers to improve operations.
Discussions also covered sections affected by inadequate maintenance in recent years, particularly the Coke Oven Batteries, and the progress of repair and restoration works.
Sribharat said operations had been disrupted by a recent accident but were now moving in a positive direction. He expressed confidence that the plant could potentially return to profitability within the next year if ongoing efforts continued. He also stressed the need for a positive working environment and cautioned against negative publicity that could affect employee morale.
He said the commencement of payments towards pending pensioner dues was encouraging and promised that efforts would continue to clear the remaining arrears. Once the plant becomes financially stable, he said, issues concerning employees and pensioners could be progressively addressed.
Sribharat said he would continue to seek support from the Centre and the state government to restore RINL as a sustainable and financially viable organisation. The objective was to strengthen the steel plant and position it competitively among the country’s major steel producers, he said.
