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Economy

Vizag Steel Plant will not be merged with SAIL: Union Minister Srinivasa Varma

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Vizag Steel Plant will not be merged with SAIL: Union Minister Srinivasa Varma

Union Minister of State for Steel B Srinivasa Varma confirmed that merging Visakhapatnam Steel Plant with the Steel Authority of India is not feasible due to debt issues. The Centre provided financial support of Rs 11,440 crore to prevent privatization and plans to fully resume production by August. Further significant support for VSP is anticipated.

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