BYJM forms human chain to protest NALCO disinvestment

Bhubaneswar, July 1 (UNI) Protesting the disinvestment of NALCO by the UPA government at the Centre, the Bharatiya Yuva Janata Morcha(BYJM) activists today organised a human chain here in the state capital.

Hundreds of activists formed the human chain right from the Ram Mandir to the Master Canteen square in the busy thoroughfare of the city braving incessant rains that lashed Orissa's capital for hours.

The BYJM activists then held a protest demonstration criticising the UPA government for its decision to off load 10 per cent equity in NALCO.

Meanwhile, NALCO co-ordination committee convener B C Ray has urged Congress president Sonia Gandhi to intervene and prevail upon the UPA government to reconsider the disinvestment.

In a letter to the Congress President, Mr Ray said since NALCO is a profit-making body, it should be declared as a Navaratna company.

He said NALCO had already paid a huge dividend of Rs 2355 crore to the government against the investment of Rs 644 crore. The company, Mr Ray said, had achieved zero debt after completion of its first phase expansion programme and has reserves of Rs 4,500 crore to carry out its second phase of expansion programme.

Mr Ray further said disinvestment of NALCO at this stage would only jeoparadise the financial interest and management control of the company.

Union Minister of State for Commerce Jairam Ramesh earlier in the day said disinvestment of NALCO was under review after Orissa Chief Minister Naveen Patnaik opposed the move and state Congress leaders apprised the Prime Minister, Finance Minister and the Congress president of public sentiments against the disinvestment.

He said the 10 per cent disinvestment in NALCO is required to generate Rs 1400 crores for social sector investment which could be managed either by increasing the dividend or drawing the amount from the Company's reserve fund.

UNI DP KK PA DB2011