Unions to revive campaign against RINL disinvestment

Unions of Visakhapatnam Steel Plant have decided to revive their campaign against the IPO of Rashtriya Ispat Nigam Limited (RINL) next month.

General secretary of the Steel Plant Employees’ Union (SPEU) D. Adinarayana said on Sunday that they were promised an appointment with Union Finance Minister P. Chidambaram to discuss their opposition to disinvestment in RINL, the corporate entity of VSP, after the Cabinet reshuffle.

The allotment of Commerce and Industry portfolio (Independent Charge) to D. Purandeswari had also been hailed by Mr. Adinarayana, Visakha Steel Employees’ Congress general secretary Mantri Rajasekhar and others.

By virtue of her new portfolio, she would now become member of the Empowered Group of Ministers. The EGoM is competent to take a decision on the price band of RINL’s IPO.

Price band

The IPO was deferred three times earlier due to market conditions and lack of unanimity over arriving at the price band.

Mr. Adinarayana said Ms. Purandeswari had promised them to lead a delegation of union leaders and elected representatives from North Andhra to Delhi to articulate the sentiments attached to the VSP and the circumstances under which it was established after ‘Visakha Ukku Andhrula Hakku’ agitation.

During their meeting with Prime Minister Manmohan Singh last month, they were advised to have a discussion with the Finance Minister on their opposition to disinvestment.

Ms. Purandeswari had also requested the government not to dilute the equity of RINL.