No move to privatise Vizag steel plant, State government informs Legislative Assembly

Andhra Pradesh's government clarified that there are no plans to privatize Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant (VSP). Industries & Commerce Minister T.G. Bharat stated this during a question hour in the Legislative Assembly, denying reports of privatization due to financial losses. The government attributed the losses to external factors like cyclones, steel dumping, and COVID-19 disruptions, as well as internal issues such as high depreciation and interest costs. To address these challenges, the Union Cabinet approved a ₹11,440-crore revival package in January 2025, with phased fund releases.