Centre announced financial package to VSP with aim to privatise: Vice-president of Andhra Intellectual Forum

Andhra Intellectual Forum VP criticizes Central Government's ₹11,440 crore package for Visakhapatnam Steel Plant, alleging privatization motives.

Andhra Intellectual Forum’s State vice-president professor Golivi Appala Naidu alleged that the Central Government had announced ₹11,440 crore package to Visakhapatnam Steel Plant with an aim to privatise the plant through the backdoor. In a statement, in Srikakulam, on Sunday (January 19, 2025,) he said that the Union Government’s equity would go up to 56% and VSP’s equity would be reduced to 43% with the so called financial package.

“It would make easy for the Centre to go ahead with its decision on privatisation as it would have more equity in the plant,” he feared.

“Intentionally, the Union Government is ignoring the present market value of ₹2 lakh crore of the plant The Centre is calculating its value as per 1972 year records. Reduction of book value and enhancement of its equity are aimed to pave for the privatisation of plant cleverly,” said Dr. Appala Naidu.

He said that Andhra Intellectual Forum would create awareness among the people about the malicious intention of the government over the announcement of the package without giving any clarity about its continuation as a public sector unit.