Garividi ferro alloys plant privatised

VyricharlaRahulKumarDeo

Yesterday i knew that ferro alloys plant at Garividi was privatised. I was travelling from Naupada to Rajahmundry by train. I saw the board FACOR alloys limited at that factory. That factory was setup by Ferro alloys corporation of India which is public sector company. Long back that factory was closed by heavy losses. Later they sold that factory to a private company named FACOR alloys limited.

Guest · Posted: Mon May 16, 2005 4:11 pm Post subject:

Those fools are not at all intrested in setting up new public sector factories. They are very much intrested in selling existing public sector factories.

Dasari · Telugu Teja Joined: 17 Oct 2004 Posts: 344

You once again don't read the post properly and let your maoist ideologies cloud your judgment.

First of all, Mr Deo post above clearly says that the unit was closed due to heavy losses. Which means no body is working and no production. How does it matter if a private company takes over and try to revive it?. What good an ideology if it doesn't provide employment to those 1300 workers who lost their jobs.

Secondly, I don't think Garividi plant was ever owned by Govt of India. Ferro alloys corporation was a publicly traded company with dire financial losses. So they partnered with a private venture for some cash infusion and agreed to swap some equity. As part of this joint venture, they split the company into three units. FACOR alloy Ltd that specializes in ferro alloys is one of the unit at Garividi.

VyricharlaRahulKumarDeo · Posted: Tue May 17, 2005 11:51 am Post subject:

Ferro Alloys Corporation of India is public sector company only. I am sure about it. They also sold Nellimarla jute mill in Vizianagaram district by creating losses with negligence.