Steel Executive Association (SEA) has appealed to Vice-President M. Venkaiah Naidu to use his good offices to raise capital expenditure (CAPEX) limit for Rashtriya Ispat Nigam Limited to ₹16,000 crore.
In a representation submitted to Mr. Naidu , representatives of SEA sought removal of affordability clause for pay revision, implementation of superannuation benefit scheme (pension) and reintroduction of performance linked incentives scheme to ramp up production levels and infuse ₹5,000 crore as preferential shares to be repaid over 10 years. Mr. Naidu wanted a long-term MoU for supply of iron ore from NMDC on cost plus margin basis and get mining leases in Odisha.
The representation brought to the notice of the Vice-President the legal position with regard to three mines of OMDC, a subsidiary of RINL, after investing ₹ 361 crore without any returns.
The SEA team consisted of B. Ranganadh, president, Katam S. Chandra Rao, general secretary, Harbhajan Singh, vice-president and K.V.D. Prasad, joint secretary.
