APCC president Botcha Satyanarayana and Minister for Infrastructure and Investment Ganta Srinivasa Rao on Sunday promised to take up the demand to drop disinvestment of RINL at the highest level.
The promise was made when Gajuwaka MLA Chintalpudi Venkataramaiah and a delegation of representatives from all the trade unions of Visakhapatnam Steel Plant met them at the Circuit House. The leaders submitted representations to them bringing to their notice the decision of the Centre to go ahead with 10 per cent disinvestment of government’s equity in RINL, the corporate entity of VSP. Mr. Satyanarayana said he would write letters to all concerned to drop disinvestment plan as VSP was being held as the ‘pride of Andhra Pradesh.’ Mr. Srinivasa Rao said he would speak to Chief Minister about the sentiments of VSP employees. Rs.2,500 IPO of RINL is expected to hit the corporate market on October 16 with the merchant bankers finalising the valuation of VSP and other assets of RINL, a navratna company.
INTUC State general secretary Mantri Rajasekhar, G. Venkata Rao (Steel INTUC), D. Adinarayana (AITUC), N. Rama Rao (CITU) and others formed part of the delegation. Gajuwaka MLA Chintalpudi Venkataramaiah accompanied them. The unions served a notice on the management of RINL go on strike against IPO on October 12 and 13 saying diluting 10 per cent of equity to begin with would subsequently lead to sell off majority stake to private parties.
Union Minister of State for Human Resource Development D. Purandeswari on Saturday promised to take up the issue with the government when the union leaders met her at her camp office.
