When Centre wants to privatise Vizag Steel Plant, it archives record profit and sales!
Despite the port city Visakhapatnam witnessing protests against the privatision of the Vizag Steel Plant, the Centre made its stand clear that it will go ahead with the privatisation and citing the alleged losses made by the plant.
As a quite contrast to the claims of the Narendra Modi government, the Vizag Steel Plant is making profits proving the statements of the saffron party as wrong. Even with the VSP employees taking part in the protests, there is no stopping for the turnover of the plant.
At the time of Centre taking a strong stand on privatising the plant, the Rashtriya Ispat Nigam Ltd has set up a new record in turnover and profits. For the Financial Year 2020-21, VSP recorded a turnover of around Rs 18,000 crore, RINL CMD PK Rath said.
PK Rath also said that VSP witnessed a growth of 13 percent, while the sales have also risen to 4 percent with the volume clocking 4.45 million tonnes. Compared to 1019, the sales turnover of VSP has increased by 45 percent, he said.
For the past four months, VSP added a net profit of Rs 800 crores, while March recorded the highest net profit with over Rs 300 crore, followed by December(212 cr), February(165 cr), and January(Rs 131cr), the CMD added.
However, despite the steel plant achieving new milestones on net profit and turnover, the Union Government is in no mood to change its decision and wants to go ahead with the privatisation.
As a quite contrast to the claims of the Narendra Modi government, the Vizag Steel Plant is making profits proving the statements of the saffron party as wrong. Even with the VSP employees taking part in the protests, there is no stopping for the turnover of the plant.
At the time of Centre taking a strong stand on privatising the plant, the Rashtriya Ispat Nigam Ltd has set up a new record in turnover and profits. For the Financial Year 2020-21, VSP recorded a turnover of around Rs 18,000 crore, RINL CMD PK Rath said.
PK Rath also said that VSP witnessed a growth of 13 percent, while the sales have also risen to 4 percent with the volume clocking 4.45 million tonnes. Compared to 1019, the sales turnover of VSP has increased by 45 percent, he said.
For the past four months, VSP added a net profit of Rs 800 crores, while March recorded the highest net profit with over Rs 300 crore, followed by December(212 cr), February(165 cr), and January(Rs 131cr), the CMD added.
However, despite the steel plant achieving new milestones on net profit and turnover, the Union Government is in no mood to change its decision and wants to go ahead with the privatisation.