Visakhapatnam | Jan 22, 2015: The Union Government should take immediate steps to provide captive iron ore mines to the Rashtriya Ispat Nigam Limited - Visakhapatnam steel plant, as it is the only major plant in the country without such mines and is suffering badly as a consequence, according to the Steel Executives' Association here.
A team of Steel Executives’ Association met V.K Thakral, the Addl. Secretary and Finance Advisor to the Ministry of Steel, here on Thursday on his maiden visit to the Visakhapatnam steel plant and submitted a memorandum. The association said the RINL was at a critical juncture of streamlining the production its expansion units to 6.3 MTPA. “RINL is the only steel plant without captive mines for its major raw Materials, which is causing major revenue loss to the organisation,” said the association members.
The SEA also complained that “an unhealthy atmosphere” was prevailing as some of the major issues had not been resolved. The delay in execution of pension scheme, low pay scales of junior level executives, payment of PRP with deduction of PLI, stoppage of production-linked incentive (PLI) and HBA pertaining to the executives of the RINL were some of the issues.
(Source: http://www.thehindubusinessline.com/)