Visvesvaraya Iron and Steel Plant in Bhadravati.
| Photo Credit: Special Arrangement
Stating that he would shortly give “good news” to the State, the Union Minister for Heavy Industries and Steel H.D. Kumaraswamy on Tuesday said that about ₹10,000 crore was needed to revive Visvesvaraya Iron and Steel Plant (VISL) at Bhadravati.
Refraining from mentioning what the “good news” was, the Union Minister told presspersons that he had been trying hard to revive VISL and HMT after he took over despite the Cabinet clearing them for disinvestment. “The machinery at VISL has been rusting. It requires a complete overhaul. A sum of ₹10,000 crore is required for reviving VISL. All machinery needs to be replaced,” he said.
Stating that he was trying his best to revive the PSUs, he said, “I will meet the Prime Minister (Narendra Modi) and the Finance Minister (Nirmala Sitharaman) to discuss their revival. I am confident of convincing Mr. Modi. If I succeed in reviving one, it can lead to the revival of others.” He also said that since his visit to HMT to discuss revival plans, the company’s share had shot up from ₹45 to ₹92. He also pointed out that of the 40-odd CPSU, about 26 had been closed.
Property tax
The Minister also said that last week, the Bruhat Bengaluru Mahanagara Palike had come to lock up HMT over property tax dues. “We requested for time from officials, who obliged. We paid ₹26.7 crore. HMT is under loss and facing difficult times,” he said.
