Paswan against disinvestment of steel PSUs

New Steel Minister Ram Vilas Paswan has said that the two steel sector companies in the disinvestments list should not be sold to private players.

Taking a tough stand against the disinvestments of profit-making PSUs, new Steel Minister Ram Vilas Paswan on Monday said the two steel sector companies in the disinvestments list should not be sold to private players.

"Both the PSUs, Manganese Ore India Ltd and Sponge Iron India Ltd, are profit-making and I shall talk to the government that these need not be divested," he told reporters immediately after taking charge of his ministry.

Regarding the three loss-making steel PSUs in the disinvestments list of the previous government, Paswan said these companies would also be reviewed to make them profitable and their about 7000 employees' needs would be taken care of.

The three loss-making entities are Salem Steel Plant, Alloy Steel Plant and Vishweshwaraiya Steel plant, whose combined annual loss stood at Rs 400 crore, he said.

Paswan said he needed a fortnight to be conversant with the details of his ministry, adding "I shall personally visit these three units and see if they can be turned around."