YSRCP Rajya Sabha MP V Vijayasai Reddy said that a whopping sum of Rs 5,500 crores was transferred to Odisha, which is the main reason for the loss incurred by Vizag Steel Plant. On Thursday, the RS MP having addressed a press conference said that there are still several reasons. The YSRCP MP seems to have used his CA experience after a long time to study and quantify Vizag Steel Plant’s revenues. How did the Steel Plant incur losses? Who’s responsible for the losses? What is the reason behind the plant’s losses? What kind of action has been taken against those responsible? Several issues related to the above were explained by V Vijayasai Reddy. From the losses incurred by Vizag Steel for the past three years, he was able to minus a sum of Rs 5,500 crores.
The YSRCP MP said that a sum of Rs 2,000 crores has been transferred from Rashtriya Ispat Nigam Ltd (RINL) towards building a wheel’s factory in Rae Bareli. Similarly, a sum of Rs 361 crores was given towards obtaining iron ore mines from the Odisha Mining Development Corporation, a decade earlier. Adding to that a sum of Rs 1,000 crores have also been paid as fines taking the total tally to Rs 1,361 crores. With the iron ore mines not having been allocated till date, the principal and interest still remain, and now it is on the public to calculate as to how much the amount compounded.
