Keeping a major promise to key ally Telugu Desam Party, the BJP-ruled Centre has approved a revival package of Rs 11, 440 crore for the ailing Andhra Pradesh based steel plant, Rashtriya Ispat Nigam Limited.
The Cabinet Committee on Economic Affairs chaired by the PM approved the package yesterday in what Andhra Pradesh CM and TDP supremo N Chandrababu Naidu hailed as a historic moment.
“Today marks a historic moment etched in steel. It is an emotional and proud moment for the people of Andhra Pradesh, as the Union Government has approved financial support of Rs 11,440 crore to revive the Vizag Steel Plant,” Naidu said thanking the PM.
Naidu said the steel plant was more than just a factory and stood as a monument to the struggles and spirit of the people of Andhra Pradesh.
“This was not merely an election promise; it was a deeply personal commitment we were determined to honour,” Naidu said.
RINL is a coal-based steel plant with plans to start work immediately with two blast furnaces.
PM Modi in a tweet said, “The steel plant has a special place in the hearts and minds of the people of Andhra Pradesh. During yesterday’s Cabinet meeting, it was decided to provide equity support of over Rs 10,000 crore for the plant. This has been done understanding the importance of the steel sector in building an Aatmanirbhar Bharat.”
