EoI for Visakhapatnam Steel Plant disinvestment yet to begin

The Union Minister said that the terms and conditions of the transaction are finalised only in the second stage after the EoI stage is completed.

Published: 02nd August 2023 08:17 AM  |   Last Updated: 02nd August 2023 08:19 AM   |  A+A-

Visakhapatnam Steel Plant

Visakhapatnam Steel Plant. (File photo)

By Express News Service

VIJAYAWADA: The Centre has made it clear that there is no compulsory clause that none of the existing workforces will be retrenched in the disinvestment process of the Visakhapatnam Steel Plant (VSP). This was stated by Union Minister of State for Finance Bhagwat Kishanrao Karad, in reply to a question raised by YSRC MP Parimal Nathwani in the Rajya Sabha.

The MP sought to know the current status of the VSP disinvestment and whether it is going to be completed in 2023-24. “The process of appointment of advisors for the transaction through a bidding process has been completed. The Expression of Interest (EoI) from interested eligible parties is yet to be issued,” the minister said.

Asked whether the disinvestment conditions entail the new buyer to make fresh investments and expand existing manufacturing facilities, the Union Minister said the terms and conditions of the transaction are finalised only in the second stage after the EoI stage is completed.

“At present, the EoI stage has not been initiated yet. However, while finalising the terms and conditions of the transaction, the legitimate concerns of employees are suitably addressed,” he assured.

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