The Polit Bureau of the Communist Party of India (Marxist) has issued the following statement:

The Polit Bureau of the Communist Party of India (Marxist) expresses its strong opposition to the decision taken by the central government to privatise the Visakhapatnam Steel Plant (VSP) by 100 per cent strategic disinvestment of its corporate entity, the Rashtriya Ispat Nigam Ltd.

The Visakhapatnam Steel Plant was set up after a prolonged struggle by the people of Andhra Pradesh in which 32 people laid down their lives. It employs around 20,000 people and has created other indirect employment opportunities in the city of Visakhapatnam.

The VSP is a navaratna company and is India’s first shore based integrated steel plant. A profitable venture till 2015, the company has suffered due to discriminatory policies such as absence of captive mines.

The people of Andhra Pradesh are totally opposed to the privatisation of the Visakhapatnam Steel Plant. The CPI(M) demands that the government rescind the decision to privatise the steel plant and ensure that steps are taken for turning around the enterprise so that it realises its full potential.