Cabinet approves Rs 10,000 crore for Visakhapatnam Steel Plant’s revival: PM Modi
PM Modi also said that the Visakhapatnam Steel Plant has a special place in the hearts and minds of the people of Andhra Pradesh
By Newsmeter Network Published on 17 Jan 2025 8:00 PM IST
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New Delhi: “During yesterday’s Cabinet meeting, it was decided to provide equity support of over Rs 10,000 crore for the Visakhapatnam Steel Plant,” Prime Minister Narendra Modi said in a post on X on Friday.
PM Modi also said that the Visakhapatnam Steel Plant has a special place in the hearts and minds of the people of Andhra Pradesh.
A full text of the tweet said: “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 by understanding the importance of the steel sector in building an Aatmanirbhar Bharat.”
CM Naidu thanks PM Modi for financial support to Vizag Steel Plant
Chief Minister N Chandrababu Naidu on Friday thanked prime minister Narendra Modi after the Union Government approved financial support of Rs 11,440 crore to revive the Vizag Steel Plant.
The chief minister also expressed gratitude to finance minister Nirmala Sitharaman and Steel minister HD Kumaraswamy for their ‘constant support’ and positive response.
“I extend my heartfelt gratitude to Prime Minister Narendra Modi for his unwavering support to the steel plant, which I assure will contribute to the PM’s vision of nation-building as part of Viksit Bharat–Viksit Andhra (developed India and Andhra Pradesh),” CM Naidu said in a post on X.
It is an emotional and proud moment for the people of Andhra Pradesh as the Union Government, responding to the State’s consistent efforts since the formation of the NDA government, has approved financial support, he said.
According to the CM, January 17 (Friday) marks a historic moment ‘etched in steel’ for Andhra Pradesh. He added that the VSP, or Rashtriya Ispat Nigam Ltd (RINL), is more than just a factory—it stands as a monument to the struggles and spirit of the people of the state.
“This was not merely an election promise; it was a deeply personal commitment we were determined to honour. Good days are ahead for Andhra Pradesh,” Naidu added.
About Visakhapatnam Steel Plant
Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant (VSP), is a Navratna Company under the Ministry of Steel. VSP is the first shore-based Integrated Steel Plant in India. It is also a producer of long steel products and caters to the requirements of the construction, infrastructure, manufacturing and automobile sectors.
