The finance minister has presented in the budget plans to divest stakes in more PSUs, including LIC&GIC, IDBI Bank, etc., The govt is also planning to sell its entire stakes in psu's like RINL which operates vizag steel.
Vizag Steel was started in 1992. It has currently revenue of 20,000 crores and assets upwards of 35000 crores. Its equity is 7352 crores. Its net profit in 2019 was 96 crores and direct employment of 17000 employees. Outsourced& dependent vendors put together might constitute around 1 lakh people. It is the pride of the state.
Andhra already lost its headquartered bank, Andhra Bank due to merger with larger banks. Now it is about to lose its major industry, Vizag Steel due to government intent to privatize it. The economy is in a downtrend and people are losing jobs. At this time, instead of protecting jobs, the government is privatizing Vizag steel.
