Prime Minister Narendra Modi-led NDA Govt announced revival package of Rs 11,440 Cr for Rashtriya Ispat Nigam Limited (RINL), poplarly known as Vizag Steel Plant on Friday. Union Minister of Information and Broadcasting Ashwini Vaishnaw announced the big decision taken by Modi Cabinet.

With a whopping Rs 11,440 Cr revival package, the long struggle for survival, of Vishakapatnam Steel Plant has finally come to fruitful conclusion. Also AP people are elated with Modi Sarkar’s decision to give a new lease of life to the famed Vishakapatnam Steel Plant.

Ashwini Vaishnaw explained that Rs 10,300 Cr is for fresh equity infusion, among the revival package. Remaining amount is towards working capital. Vaishnaw hoped that with this package, long pending problems of Vishakapatnam Steel Plant will come to an end.

“The Visakhapatnam Steel Plant has a special place in the hearts and minds of the people of Andhra Pradesh. During yesterday’s 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,” expressed PM Narendra Modi, stressing on the significance of Vishakapatnam Steel Plant for Andhra people.

As PM Modi rightly pointed out, Vishakapatnam Steel Plant has always been an important emotional issue for political parties and general public.

It was late PM Indira Gandhi who first announced about setting up a Steel Plant at Vizag in April, 1970. DPR for Vizag Steel Plant was prepared much later in 1980. Foundation for steel plant construction was laid in 1982. It was commissioned in 1992 with a capacity of 3.0 MTPA.

With subsequent expansions, Vizag Steel Plant now has capacity of 7.3 MTPA. It is a Navratna PSU.

Though concerns rose over Vizag Steel’s future, after Centre decided to privatise it during PM Modi’s second term, the fresh revival package promises a new future.