The Hindu reported that the workers of Steel Authority of India Limited’s Visvesaraya Iron & Steel Plant in Bhadravati of Shivamogga District in Karnataka have urged the Union Government to revive the plant, instead of going for disinvestment. The workers believe the unit could make a profit if it was revived by investing about INR 300 crore from the Steel Authority of India Limited. VISL Workers Association recently met Shivamogga Lok Sabha Member of Parliament Mr BY Raghavendra and submitted a memorandum in this regard. The MP is said to have assured the workers that he would meet the Ministers and officers at the Centre in this regard.The Union Government decided on disinvestment of the VISL in 2016 and a notification was issued in 2018.Visvesvaraya Iron and Steel Plant is a plant involved in the production of alloy steels and pig iron. The Iron Works were started by Nalvadi Krishnaraja Wodeyar, the king of Mysore, under the guidance of his Diwan, Sir M Visvesvaraya in 1923. The main objective was to tap the rich iron ore deposits near Kemmanagundi in the Baba Budangiri hills and manufacture pig iron and other products. In 1962, the name was changed to The Mysore Iron and Steel Limited and the factory was converted into a Government company jointly owned by the Government of India and the Government of Karnataka with an equity share ratio of 40:60 respectively. The year 1962 also saw the establishment of a new steel plant which could produce steel using the relatively new L D Process. In order to honor its founder, the company was renamed as Visvesvaraya Iron and Steel Limited in 1975. In 1989, it was taken over by the Steel Authority of India as a subsidiary entity and in 1998, VISL was merged into SAIL.At present, there are about 280 permanent employees and 1,340 contract laborers. The production activities had increased due to inter-plant transfer orders, besides the orders from Railways. The turnover has increased by INR 400 crore per annum and the loss has come down substantially.
The Hindu reported that the workers of Steel Authority of India Limited’s Visvesaraya Iron & Steel Plant in Bhadravati of Shivamogga District in Karnataka have urged the Union Government to revive the plant, instead of going for disinvestment. The workers believe the unit could make a profit if it was revived by investing about INR 300 crore from the Steel Authority of India Limited. VISL Workers Association recently met Shivamogga Lok Sabha Member of Parliament Mr BY Raghavendra and submitted a memorandum in this regard. The MP is said to have assured the workers that he would meet the Ministers and officers at the Centre in this regard.The Union Government decided on disinvestment of the VISL in 2016 and a notification was issued in 2018.Visvesvaraya Iron and Steel Plant is a plant involved in the production of alloy steels and pig iron. The Iron Works were started by Nalvadi Krishnaraja Wodeyar, the king of Mysore, under the guidance of his Diwan, Sir M Visvesvaraya in 1923. The main objective was to tap the rich iron ore deposits near Kemmanagundi in the Baba Budangiri hills and manufacture pig iron and other products. In 1962, the name was changed to The Mysore Iron and Steel Limited and the factory was converted into a Government company jointly owned by the Government of India and the Government of Karnataka with an equity share ratio of 40:60 respectively. The year 1962 also saw the establishment of a new steel plant which could produce steel using the relatively new L D Process. In order to honor its founder, the company was renamed as Visvesvaraya Iron and Steel Limited in 1975. In 1989, it was taken over by the Steel Authority of India as a subsidiary entity and in 1998, VISL was merged into SAIL.At present, there are about 280 permanent employees and 1,340 contract laborers. The production activities had increased due to inter-plant transfer orders, besides the orders from Railways. The turnover has increased by INR 400 crore per annum and the loss has come down substantially.
