Visakhapatnam MP M. Sribharat urged Visakhapatnam Steel Plant (VSP) employees and workers to utilise the special revival package funds of ₹11,440 crore effectively.
He expressed confidence that the package should yield tenfold returns to the country in the future. The package, which includes new equity infusion, working capital support, and permission to issue preference shares, will inject new energy into the steel plant’s operations, he added.
Speaking at the TDP office, he said: “During Atal Bihari Vajpayee’s tenure as Prime Minister, when the plant faced operational challenges, leaders like N. Chandrababu Naidu, K. Yerrannaidu, and our grandfather fought tirelessly to save it. Today, to ensure the revival of VSP, leaders like Mr. Naidu, Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman, and H.D. Kumaraswamy have worked collectively to announce this revival package. The State government has provided power and water subsidies to support the plant in every possible way. VSP is a strategic asset for Andhra Pradesh, and securing this package within seven months of efforts is a significant achievement,” Mr. Sribharat said.
He said that plans were under way to utilise the package effectively, restart two blast furnaces soon, and operationalise the third blast furnace by August. Discussions with NMDC for raw material supply are progressing, and steps were being taken to strengthen ancillary units and enhance material security for the steel plant.
Mr. Sribharat highlighted the necessity of bringing comprehensive reforms at all levels of the steel plant. He assured that, as the local MP, he would take responsibility for initiating steps in collaboration with the Ministry of Steel to ensure these reforms. Criticising the YSRCP government for neglecting the steel plant over the last five years, he stated that their indifference had caused significant harm to the plant.
The event was attended by Mr. Sribharat, MLC and Government Whip Vepada Chiranjeevi Rao, TDP Visakhapatnam district president and Oil Seeds Corporation chairman Gandi Babji, TDP Visakhapatnam south constituency in-charge Seethamraju Sudhakar, and other leaders.
Published – February 06, 2025 08:39 am IST
