This has been done understanding the importance of the steel sector in building an Aatmanirbhar Bharat, says the Prime Minister
Amaravati: Prime Minister Narendra Modi said on Friday that the Visakhapatnam Steel Plant has a special place in the hearts and minds of the people of Andhra Pradesh.
The Prime Minister posted on X that during the Cabinet meeting, it was decided to provide equity support of over Rs 10,000 crore for the plant. “This has been done understanding the importance of the steel sector in building an Aatmanirbhar Bharat,” he said.
Earlier, Union Minister Ashwini Vaishnaw announced that the Prime Minister approved a revival package worth Rs 11,440 crore for Rashtriya Ispat Nigam Ltd (RINL), the corporate entity of Visakhapatnam Steel Plant. In the overall package of Rs 11440, fresh equity infusion would be worth Rs 10,300 crore and the conversion of working capital loan into preferred share capital of Rs 1,140 crore.
The Union Minister said in Delhi that the Visakhapatnam Steel Plant is a very important steel company in the overall steel sector of the country. He hoped that with this revival package, many of the historical legacy problems that RINL used to face would be resolved. Andhra Pradesh’s Deputy Chief Minister Pawan Kalyan thanked Prime Minister Modi for the financial package.
“The sacrifice of Amruta Rao garu and countless others who gave their lives for the Visakhapatnam Steel Plant in 1966 burns eternal in our hearts. Their blood and tears laid the foundation for what stands today not just as a factory, but as the pride and identity of Telugu people,” Pawan Kalyan said in his post on X.
“Today, the NDA government’s decision of providing a financial package of Rs 11,440 crore for the Visakhapatnam Steel Plant isn’t merely a number – it represents renewed hope for thousands of families: every worker whose hands have shaped steel, every employee who has dedicated years of service, and every contractor who has stood by this plant through its challenges,” said the actor-politician.
The Jana Sena leader thanked the Prime Minister on behalf of the people of the state for “steadfast commitment to our state’s development, your vision of Atmanirbhar Bharat finds one of its strongest pillars in our Visakhapatnam Steel Plant.”
