The Center is said to be working hard to privatise the steel plant in Visakhapatnam. The government, which has already begun working on this, is on track to accomplish it soon.Visakha Steel, on the other hand, took the lead in rail wheel production and was successful. Initially, 51 loco wheels were constructed and sold to Indian Railways.
Rs. 1700 crore was set aside to establish a unique factory for the production of loco wheels. Vizag Steels officials sent 51 locomotive wheels to Indian Railways for the first time Friday night from Lal Ganj.
For more than five decades, Vizag Steels has been under the supervision of the Union Steel Ministry. Every year, it produces 7.3 million tonnes of steel. It is the country’s first integrated steel plant, according to records.In the meantime, the central government has surprised everyone by announcing that Vizag Steels will be privatised. Vizag Steels was privatised decades ago as a result of state-led efforts. The central government was determined about handing over the Vishakha steel sector, which has a long history.