Thursday, July 25, 2024

VSP launches innovative sales strategy amid privatisation concerns

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Amid the Central government’s move to privatise Rashtriya Ispat Nigam Ltd, the corporate entity of Visakhapatnam Steel Plant (VSP), the plant’s management is exploring new avenues to boost income and mitigate losses. The government’s move to privatize is largely driven by the plant’s financial setbacks. In response, workers and management are striving to steer the plant towards profitability.
In a bid to increase sales, the management of VSP has introduced a new, innovative sales approach. Traditionally, the plant has sold its steel products in bulk to various companies. However, the new strategy aims to bring these products closer to individual consumers. As part of the Digital India initiative, RINL has developed an online portal, enabling customers to book steel products from the comfort of their homes. This move has already shown promising results, with significant growth reported in the sales of hot metal, crude steel, and salable steel—over 17 per cent growth in sales.
Previously, Visakha Steel Plant’s products were distributed to companies, steel trading companies, and hardware stores. Now, through the newly launched online portal, RINL aims to ensure that these high-quality steel products are easily accessible to every household. By visiting the website vizagsteel.com, customers can access the RINL link, register, and specify their product needs along with delivery details.
This system, designed to ensure timely door-to-door delivery within Visakhapatnam, is expected to further boost steel sales. Officials believe that while maintaining bulk sales to companies, direct consumer sales will expand the market reach and enhance revenue. This initiative is seen as a potential way to reduce losses and counter the push for privatization. Employees and officials of the Visakhapatnam Steel Plant are hopeful that this new strategy will contribute significantly to the plant’s financial health, potentially making privatization unnecessary.
They are optimistic that increased public access to steel products will drive up income and sustain the plant’s operations. This innovative shift in sales strategy signifies a crucial step towards reviving the financial stability of the Visakhapatnam Steel Plant.

 fostering hope among its workforce and management that a path to sustained profitability is within reach.

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