Jagan's 3 suggestions to PM to salvage Vizag steel plant

[Anta Assamey]

Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy on Wednesday met with labour union leaders spearheading the fight against the privatisation of Visakhapatnam Steel Plant (VSP), informing them that he has written a letter to Prime Minister Narendra Modi, suggesting the available possibilities to salvage the plant.

Allocation of mines in Odisha, converting bank debt into equity, and selling steel plant's surplus land are the three major suggestions given by Reddy to the Prime Minister, among others.

"Mines should be allocated to VSP in adjacent Odisha which has plenty of iron ore reserves," said Reddy.

He said the plant has about Rs 22,000 crore debt, out of which up to Rs 11,000 crore was availed as working capital debt, including some debts availed at hefty interest rate of up to 14 per cent.

"Bank debts with excessive interest rates could be converted into equity to reduce the burden of interest. This could help reduce debt between Rs 2,500 crore and Rs 3,000 crore, enabling the company to return to profit," the Chief Minister said.

Another idea he suggested to the Prime Minister is monetising the steel plant's surplus land. Reddy said VSP owns 20,000 acres of land, out of which 7,000 acres are lying idle.

"From the government side, we will give permission for land use conversion without any objection as this matter falls under the state government's purview," said Reddy.

He said the land parcels could be turned into plots, enabling the steel plant to sell them and use the proceeds to salvage the plant.

"If we do these things, there will be no need to give the plant to private entities and retain it within the government to turn it into a healthy institution," said Reddy.

The Chief Minister also said that it has already been 10 days since he wrote the letter but he is yet to receive a reply. He expressed hope that he would receive a reply soon and called for the local BJP leaders to support him.

Meanwhile, he pleaded with the plant's employees not to strike work and called upon them to run the plant better than ever before.

"Do not let others accuse that the plant has stopped and no material is being produced. Support the plant in all ways to not reduce production," he said.

However, Reddy admitted that the state government has no powers on the steel plant as it is a Central government institution. "Let us all unite and work to change the minds of the people in Delhi in our favour. The state government is honest about protecting the steel plant," he noted.

The CM also said that many people are talking in myriad ways about South Korean Posco company's interest in investing in the state.

He confirmed that Posco executives had visited the state and also met him, but they were actually appraising about locations in Kadapa, Krishnapatnam and Bhavanapadu for their investment plans.

"It is not correct to say that Posco is trying hard to come to Visakhapatnam. It is okay if they come to Krishnapatnam, Bhavanapadu and Kadapa, as more people will get jobs and the economy will improve," he observed.

[Anta Assamey]

 

[betapilli]

5 minutes ago, Anta Assamey said:

 

Baa cheppadu, I trust him. 

[Anta Assamey]

1 minute ago, betapilli said:

Baa cheppadu, I trust him. 

Good 1 more vote added to Jagan Anna ...

[DummyVariable]

11 minutes ago, betapilli said:

Baa cheppadu, I trust him. 

Nijam cheppu

[psycopk]

Good to see him coming out and addressing the issues... munda ee pani munde chyochu ga... thats the difference between cbn and him.. ee pressmeet kuda cbn punyam vallane

[veerigadu]

2 minutes ago, psycopk said:

Good to see him coming out and addressing the issues... munda ee pani munde chyochu ga... thats the difference between cbn and him.. ee pressmeet kuda cbn punyam vallane

First TDP bodi gadi meedha comment sesinaka YCP batch field lo ki diguthundhi samara. It's been going on for a while now. 

They just dont want TDP to score any brownie points from MOsha I guess.

[megadheera]

2 minutes ago, psycopk said:

Good to see him coming out and addressing the issues... munda ee pani munde chyochu ga... thats the difference between cbn and him.. ee pressmeet kuda cbn punyam vallane

Leader credit teesukoka munde meere ichettunaru kada. Chusthunte next time kuda Leader ni opposition lo kurcho pettettunnaru meeru 

[Ryzen_renoir]

Maa krishnapatnam ki pampiyandi  posco nu . 

It will change the face of the district 

 

 

[psycopk]

45 minutes ago, veerigadu said:

First TDP bodi gadi meedha comment sesinaka YCP batch field lo ki diguthundhi samara. It's been going on for a while now. 

They just dont want TDP to score any brownie points from MOsha I guess.

Tdp is scoring good.. thats how i see it

[The_Captain]

1 hour ago, psycopk said:

Good to see him coming out and addressing the issues... munda ee pani munde chyochu ga... thats the difference between cbn and him.. ee pressmeet kuda cbn punyam vallane

What good bedaru ? ippati varaku ookasari aina live pressmeet lo press reporters ku answer iche scene undha? He can never face a live pressmeet in his life. 

e meeting ku night motham entha practice cheyincharoo 

[Ryzen_renoir]

26 minutes ago, psycopk said:

Tdp is scoring good.. thats how i see it

Adhi kadhu samara , state CM ki antha power untey babu garu 14 years , that too 12 years central alliance lo undi captive mines endhuku ippivaledhu .

Jaffa gadini mosha  leka chestara ? 

But one thing for sure  no respectable company will outright buy RINL if all local parties are vocally against  privitisation

[jawaani_jaaneman]

2 hours ago, psycopk said:

Good to see him coming out and addressing the issues... munda ee pani munde chyochu ga... thats the difference between cbn and him.. ee pressmeet kuda cbn punyam vallane

Just say 

“Jayamu Jayamu Chandranna”

Chorus..

[jawaani_jaaneman]

Sommu okandi, shoku okandi..!!

Central government odi company, ammukuntado pathi pedtado adi istam..

ie state batch lolli endi ? Letters rayadam, press meets pettadam...emi elagapedtaru ? 

emana ante ‘ukku-Hakku-izzat” antaru, paisa pettubadi petindi ledu, ispat valla local economy boom ayindi, manchiga fruits enjoy chesinaru...sab Kuch Phukat mein adedo atha garu katnam kinda ichinattu, repu poddugala loss ekuvai dukanam bandh chesthe emi chestaru vaa ‘Hakku-ukku-izzat” thoti ?

POSCO odiki already gattiga pettinaru, isari vallu manchiga sketch esi mari digitunaru...bas dekthe raho..smooth transfer of ownership was never so smooth anatu jarigi potadi isari...

 

[chandrabhai7]

Nakenduko Ee whole episode CBN ni spl status lo edava ni chesinattu chestaru jagan and bjp kalisi anipistundi lol 😂