India’s Minister of State for Finance Mr Bhagwat Karad informed parliament that “The government had originally planned for privatizing Visveswaraya Iron & Steel Plant at Bhadravati in Karnataka and had invited Expression of Interest for selling SAIL’s 100% stake in the unit in July 2019. However, in October last year, the government decided to scrap the strategic disinvestment plans of VISP due to low bidder interest. On account of old machinery, sub-optimal size, continuous losses and shutdown of blast furnace for a long time, it has been decided to initiate the process for closure of this unit.”The Cabinet had in October 2016 cleared strategic disinvestment of SAIL’s 100% stake in Visveswaraya Iron & Steel Plant.Congress leader Mr Jairam Ramesh said “Today in RS, govt admitted that the VISP of SAIL at Bhadravati in Karnataka is being closed. One reason given is the plant doesn’t have a captive iron ore source in Karnataka. It’s amazing that private steel companies have mines in the state but not SAIL. This is despite Bhadravati being less than 250 kms away from Ballari. In fact, a mining lease was allocated in October 2011 but the Modi Sarkar did nothing.”
India’s Minister of State for Finance Mr Bhagwat Karad informed parliament that “The government had originally planned for privatizing Visveswaraya Iron & Steel Plant at Bhadravati in Karnataka and had invited Expression of Interest for selling SAIL’s 100% stake in the unit in July 2019. However, in October last year, the government decided to scrap the strategic disinvestment plans of VISP due to low bidder interest. On account of old machinery, sub-optimal size, continuous losses and shutdown of blast furnace for a long time, it has been decided to initiate the process for closure of this unit.”The Cabinet had in October 2016 cleared strategic disinvestment of SAIL’s 100% stake in Visveswaraya Iron & Steel Plant.Congress leader Mr Jairam Ramesh said “Today in RS, govt admitted that the VISP of SAIL at Bhadravati in Karnataka is being closed. One reason given is the plant doesn’t have a captive iron ore source in Karnataka. It’s amazing that private steel companies have mines in the state but not SAIL. This is despite Bhadravati being less than 250 kms away from Ballari. In fact, a mining lease was allocated in October 2011 but the Modi Sarkar did nothing.”
