Jharsuguda: Fear of loss of jobs among workers of a steel plant in Odisha’s Jharsuguda has been growing with every passing day, following the Supreme Court setting aside a resolution plan and ordering liquidation of the unit’s original owner, BSPL, earlier this month.
The workers, who have been demonstrating in front of the plant for the past several days, said they do not understand the legal issues involved in the case and only want their jobs to be protected.
Not only the plant’s employees, but also contractual workers, local vendors, and small traders, are worried lot, and they held demonstrations at the main gate of the plant, originally owned by Bhushan Power and Steel Limited’s (BPSL).
After the BSPL failed to repay a loan of over Rs 47,000 crore, lenders dragged the company to insolvency proceedings and JSW Steel emerged as the successful bidder for BSPL.
The Supreme Court May 2, however, set aside a resolution plan submitted by JSW Steel for BSPL, holding it illegal and in violation of the Insolvency and Bankruptcy Code (IBC). The apex court also ordered the liquidation of BSPL under the IBC.
The functional and now a profit-making unit has also been the industrial showpiece in the mineral-rich region, and many people depend on it for their livelihood.
While about 3,000 people are directly employed in the BPSL plant, it provides indirect employment to around 20,000 others. They include suppliers, transporters, shopkeepers and small traders.
As an air of uncertainty prevails in the western Odisha town which used to be affected by migration of workers, state Industries Minister Sampad Candra Swain told PTI: “We are looking into the matter. I do not want to speak more on the issue now.”
Workers do not want the legal wrangle to jeopardise their livelihood.
“We are worried about our ‘roji roti’ (livelihood). The company is making profits due to stability in its operations. Thousands of people will be forced to starve or start migrating again if there is liquidation,” said one of the workers of the plant, who did not wish to be identified.
Asked about the court order, another employee said, “We are not legal experts and don’t understand the law. We only want our livelihoods to be protected.”
The local sarpanch of Thelkoloi, Avantyi Nayak, said that the local people including employees of the BPSL were concerned over the development.
“This plant not only provides employment to local people but also supports thousands of ancillary jobs, small businesses, and community initiatives,” she told PTI.
Similar views were also expressed by Hemant Pandey, a supplier of manpower to industrial units in the Jharsuguda region.
“Sending a functional, employment-generating industrial asset into possible liquidation poses a threat to the economic recovery of the region,” Pandey said.
The stakeholders are hoping for a positive outcome through judicial and government intervention into the matter.
PTI
