The Union government has not given any commitment that the existing workforce in the Visakhapatnam Steel Plant (VSP) will not be retrenched during the disinvestment process.
The Union government says that the terms and conditions will be finalised at the time of transaction, and that the legitimate concerns of the employees will be suitably addressed.
Replying to a question posed by YSR Congress Party (YSRCP) member Parimal Nathwani in the Rajya Sabha on August 1 (Tuesday), Union Minister of State for Finance Bhagwat Kishanrao Karad said the process of appointment of advisers for the transaction through a bidding process had been completed.
“The Expression of Interest (EoI) from interested eligible parties is yet to be issued. The terms and conditions of the transaction will be finalised only in the second stage of the transaction and after the EoI stage is completed. At present, the EoI stage has not been initiated yet,” he said.
“However, while finalising the terms and conditions of the transaction, the legitimate concerns of the employees will be suitably addressed,” the Union Minister said.
