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CITU opposes sale of residual 49 per cent govt share in BALCO

Written by: Staff
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New Delhi, May 5 (UNI) The Centre of Indian Trade Unions has opposed the Government's proposal to sell its remaining 49 per cent shares in BALCO to the Sterlite group.

Asking the government to honour Attorney-General Milon K Banerji's opinion as well as the persistent demand of labour unions, CITU president M K Pandhe said the sale would neither be in public interest nor help increase the company's profitability.

The AG had advised the government against the proposal saying the BALCO shares have been under valued.

Mr Pandhe pointed out that under valuation of shares was alleged during disinvestment of 51 per cent of the company's shares in 2001 also, but despite assurances, no reassessment of the valuation was done by the CAG.

UNI VN ARB KN1629

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