VIJAYAWADA: TDP MP K Ram Mohan Naidu has urged the Centre to withdraw the decision of privatising Visakha Steel Plant (VSP).
Stating that VSP came into existence only due to the revolutionary agitation of the people of Andhra Pradesh, he suggested that the Centre allocate captive mines to the plant to bring down the losses.
In his letter to Union ministers Nirmala Sitharaman and Dharmendra Pradhan on Thursday, Naidu said the Rashtriya Ispat Nigam, which runs the plant, buys raw material from the market at high prices.Stating that RINL was debt-free before it started expansion in 2011-12, he felt the company had to rely heavily on a 10-year debt plan of Rs 22,500 crore as the Centre did not invest fresh equity.