Modi Govt Reached Deal With Posco Company On Vizag Steel Plant
Category: Andhrapradesh

The Modi Government has clarified that a non-binding deal has been reached between Visakha Steel Plant and the Posco company of South Korea. As such, there is no final agreement on the share of Posco in the steel plant. The non-binding agreement was reached in 2019. 

Giving these details in Rajya Sabha, Union Minister Dharmendra Pradhan revealed that Posco has been asking for a more than 50 percent share. As part of this deal-making, the Posco teams have visited the Visakha Steel Plant for over four times. After Jagan Reddy came to power, they have visited thrice. Prior to that, they made one visit in 2018.

The Union Minister has also said that a joint working group has also been formed to exchange information and details for reaching a final deal on this.

The Centre’s latest disclosure came as a big shock to the protesting labour unions and the AP political parties. Already, dharnas and hunger strikes were going on at the steel plant vicinity ever since the news broke out on the privatisation.

TDP MLA Ganta Srinivasa Rao has once again announced that he would give his resignation in the Assembly format and hand it over to the Speaker soon. There would be no question of going back on the steel plant agitation.

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