The steel ministry has asked the disinvestment department to defer disinvesment in Manganese Ore India Ltd (MOIL), citing recessionary market conditions while the employees union has asked the government to set up a study group for examining the need for privatising the company. Company sources said the steel ministry had written to the disinvestment department recently asking it to defer any move to dilute government equity in the PSU on account of poor market conditions.
Meanwhile, Rashtriya Manganese Mazdoor Sangh secretary General A P Tiwari told a news agency that disinvestment in MOIL would not be proper without an indepth study of performance of the sole public sector undertaking in the manganese segment vis-a-vis private sector organisations. Tiwari said the proposed study group should comprise administrative, mining, health and other experts including those from private sector companies along with representatives of MOIL.
Incidentally, the employees have offered to take over government stake in the company in case government decides to dilute its equity.
Government is yet to take a view on disinvesting in the company and is currently examining the recommendations of disinvestment commission on the issue. Bureau Report