CITU denounces disinvestment in NALCO and NLC

By Staff
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Google Oneindia News

New Delhi, June 22 (UNI) Denouncing the Centre's decision to disinvest ten per cent of its equity each in public sector companies National Aluminium Company (NALCO) and Neyveli Lignite Corporation Ltd, the Centre of Indian Trade Unions (CITU) today alleged that the government was overriding the Common Minimum Programme by following its own agenda.

''Despite the strong opposition of the employees, the trade unions, supporting parties of the government and the Union Mines Minister himself stating on June 20 that his ministry is against the disinvestment of the profit making PSUs, the Finance Ministry is pushing ahead its own agenda, which is neither 'Common' nor minimum,''CITU general secretary Chittabrata Majumdar said.

Apprehending the entry of FIIs, Hindalco and Sterlite Group of BALCO through NALCO's disinvestment process, the CITU said,''the earlier disinvestment of 12.85 per cent of NALCO had led to grabbing of 1.14 per cent share by its competitor HINDALCO and 2.91 per cent by FIIs.'' Urging the government to clesist from the disinvestment of profit making PSUs and to concentrate on bringing down the prices of essential commodities and recover tax arrears for revenue mobilisation, the CITU said,''UPA Government, instead of addressing the priority issues, is going ahead with asset-stripping exercise, overriding the nodal ministries and NCMP.'' The Government decision, taken at the Cabinet Committee on Economic Affairs meeting today, will reduce the government holding in Nalco to 77.15 per cent and in Neyveli Lignite to 83.56 per cent.

UNI AR VD KP1723

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