Thu Feb 06 03:09:48 UTC 2025: **Visakhapatnam Steel Plant Receives ₹11,440 Crore Revival Package**
VISAKHAPATNAM, Andhra Pradesh – Visakhapatnam Steel Plant (VSP) has received a ₹11,440 crore revival package, announced MP M. Sribharat. The package, including equity infusion, working capital support, and permission to issue preference shares, is expected to significantly boost the plant’s operations.
Sribharat, speaking at a TDP office event, credited the efforts of various leaders, including Prime Minister Narendra Modi and Andhra Pradesh Chief Minister H.D. Kumaraswamy, for securing the package. He highlighted the state government’s support through power and water subsidies.
The MP expressed confidence that the package will generate substantial returns for the country, citing plans to restart two blast furnaces immediately and a third by August. Negotiations with NMDC for raw material supply are underway, and efforts are being made to strengthen ancillary units and improve material security.
Sribharat emphasized the need for comprehensive reforms within the plant and pledged to work with the Ministry of Steel to implement them. He criticized the YSRCP government for neglecting the plant over the past five years, attributing its current challenges to this inaction. The event was attended by several TDP leaders.
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