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AITUC condemns govt decision to divest NMDC's Nagarnar Steel Plant

The All India Trade Union Congress (AITUC) on Friday condemned the Centre's decision to demerge and divest the under-construction Nagarnar Steel Plant (NSP) of state-owned NMDC.

Topics
AITUC | NMDC

Press Trust of India  |  New Delhi 

steel, exports

The All India Trade Union Congress (AITUC) on Friday condemned the Centre's decision to demerge and divest the under-construction Nagarnar Steel Plant (NSP) of state-owned

The trade union in a statement said that had acquired 1,980 acres of tribal land in Bastar district of Chhattisgarh and the people were hopeful of employment in a public sector establishment.

However, the government has decided to demerge NSP from and then to completely "sell" it by September, 2021.

"The government is cheating the tribals and local people of their land by first acquiring it allegedly for a PSU and promise of employment in a public sector establishment, and now handing it over to their cronies," said.

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave its in-principle approval to the demerger of Nagarnar Steel Plant (NSP) from NMDC and strategic disinvestment of the demerged company by selling entire government stake to a strategic buyer.

The CCEA has taken note that the process of demerger and disinvestment will be initiated in parallel and disinvestment of the demerged company (NSP) is expected to be completed by September 2021.

NSP is a 3 million tonne per annum (mtpa) integrated steel plant being set up by NMDC in Nagarnar over an area of 1,980 acres at a revised estimated cost of Rs 23,140 crore.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, October 16 2020. 20:24 IST
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