BREAKING NEWS

Centre expedites Vizag Steel Plant Privatisation amid employee protests

Notwithstanding the ongoing agitation by workers and people against privatisation of RINL, the corporate entity of Visakhapatnam Steel Plant, the Department of Investment and Public Asset Management (DIPAM) of the Union Finance Ministry has expedited the privatisation proposal.
 
The department on Wednesday issued separate notifications seeking request for proposal (RFP) for engagement of a legal advisor and a transaction advisor for 100 per cent strategic disinvestment of RINL and its stake in its subsidiaries and joint ventures. 
 
The Cabinet Committee on Economic Affairs (CCEA) earlier this year in principle approved the 100 per cent divestment of government shareholding in RINL. The CCEA had delegated powers to an alternative mechanism, whose constitution was also approved by it. Accordingly, the DIPAM invited proposals for engagement of a legal advisor and transaction advisor for completing the transaction.
 
Interested and eligible agencies, who meet the prescribed requirement, are advised to submit their competitive bids/offers online through e-procurement system on the central public procurement portal (https://eprocure.gov.in/epmcure/app) only. No bids will be accepted in physical/manual mode, a release said. A pre-bidding meeting will be held on July 15. Bids that open on July 7 will be received till July 28. Technical bids will be opened on July 18.
 
According to the president of the recognised union of VSP and convener of the Visakha Ukku Parirakshana Porata Committee J. Ayodhya Ram, a decision was taken to appoint legal and transaction advisors at the meeting convened by DIPAM with the VSP officials and steel ministry officials. 
 
“The Centre did not take letters written by CM Y.S Jaganmohan Reddy and Opposition leader N. Chandrababu Naidu into consideration.” He said the employee committee would further intensify the agitation to protect the steel plant which was achieved after sacrifices made by people of the state.

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