Belying Claims of Union Steel Minister, DIPAM Says No Change In Government Decision Regarding RINL Disinvestment
The Finance Ministry, in a reply to an RTI, made it clear that there is no change in Government's stand on 100 percent stake sale of the steel PSU
The Center has made it clear that it has not changed its stand on disinvestment of RINL and is going ahead with 100% stake sale of Vizag Steel. Union Finance Ministry has given this answer to the question raised by prominent labour leader.
It was on July 12, last year, Union Minister of Steel & Industries, HD Kumaraswamy has laid to rest all speculations regarding strategic disinvestment/sale of Rashtriya Ispat Nigam Limited.
The Rashtriya Ispat Nigam Limited (RINL), the corporate entity of the Visakhapatnam Plant (VSP), has been facing severe financial difficulties, prompting significant demands for a strategic merger with the Steel Authority of India Limited (SAIL). The Steel Executives Federation of India (SEFI) and the Visakhapatnam Steel Executives Association (SEA) have been actively advocating for this merger.
Recently, SEFI representatives presented the proposal to the Union Minister of Steel, H D Kumaraswamy, while SEA members discussed the matter with Ministry of Steel Joint Secretary Vinod Kumar Tripathi.
Earlier, the National Confederation of Officers Associations of Central Public Sector Undertakings (NCOA) had also appealed to Prime Minister Narendra Modi for this merger.
Adding to the advocacy efforts, the Communist Party of India (Marxist) Visakhapatnam district committee has demanded an immediate halt to plans for selling VSP’s lands and assets, which are valued at around Rs 500 crore and are located in major cities across India.
This raises a serious question, whether the Steel Minister and his Ministry are not in alignment with the Ministry of Finance ?
