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Centre announces Rs 11,440 cr financial package for Vizag steel plant
Visakhapatnam Steel Plant
In a significant move to boost the struggling Visakhapatnam Steel Plant, the Central Government has unveiled a financial package of Rs 11,440 crore.
In a significant move to boost the struggling Visakhapatnam Steel Plant, the Central Government has unveiled a financial package of Rs 11,440 crore. The announcement was made by Union Minister Ashwini Vaishnav following a recent meeting with Prime Minister Narendra Modi, where Chief Minister Chandrababu Naidu sought assistance for the plant.
The allocated funds are intended primarily for operational payments, aimed at revitalizing the steel plant, which has faced ongoing financial challenges.
Union Minister Rammohan Naidu expressed gratitude towards Prime Minister Modi and the Central Government for their support, emphasizing the package's importance in restoring the plant to full-scale production and profitability.
"This effort will be very useful in overcoming the losses and putting the plant on the path of profits with full-scale production," Naidu tweeted. He also highlighted the NDA government’s commitment to the development of Andhra Pradesh and the aspirations of its people, noting that the financial package is a testament to that dedication.
