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Workers union plans strike against proposed stake sale in CIL

Last Updated: Friday, April 5, 2013 - 21:49

New Delhi: An employee union of CIL Friday said it is planning to go on strike if the government goes ahead with the proposal to sell up to 10 percent stake in the PSU.

"We plan to go on strike if government goes ahead with its proposal of stake sale in Coal India," S Q Zama, Secretary General of Indian National Mineworkers Federation, told PTI.

The Union had last month written a letter to Coal Minister Sriprakash Jaiswal raising its objections to the proposed stake sale.

"I would like to reiterate that the Union as well as four other operating CTUs (Central Trade Unions) in the coal industry vehemently oppose any disinvestment in Coal India as it would dilute and erode the public sector character," Zama had said in the letter.

"Despite our opposition, government has already divested 10 percent share of CIL which was imperative for the purpose of listing of shares in capital market," the letter had said.

"I would...Urge you to give second thought to (proposed) further disinvestment of 10 percent in CIL," Zama said.

Zama had said that earlier trade unions were assured that the government would not go beyond 10 percent disinvestment in CIL.

The government may sell up to 10 percent stake in the world's largest coal producer CIL in the current fiscal through offer for sale. The government currently holds 90 percent stake in CIL.

CIL got listed on the bourses in 2010 through an initial public offering, through which the government raised Rs 15,199 crore by selling 10 percent stake.
Shares of CIL closed at Rs 308 apiece on the BSE.


First Published: Friday, April 5, 2013 - 21:49
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