CITU opposes disinvestment of 3 power PSUs

New Delhi, Feb 9 (UNI) Centre of Indian Trade Unions (CITU) has opposed the government's decision to disinvest shares in three public sector undertakings in the power sector.

It opposed disinvestment in Rural Electrification Corporation, National Hydroelectric Power Corporation and Power Grid Corporation Ltd under the cover of initial public offer (IPO) and in the name of investment in social sector and sick PSUs, a statement quoting its President M K Pandhe said today.

CITU reiterated mobilisation of resources for social schemes through one-time sale of share under any pretext was bad economics and poor fund management when a meager amount of Rs 1,500 crore was proposed to be raised through sale of shares of these three PSUs, without adequate utilisation of huge investible surplus and funds that are available in banks, it said.

Obviously, the finance minister had some agenda other than resource mobilisation. CITU rejected this agenda of ''back door creeping privatisation'' and vowed to oppose it tooth and nail, it added.

UNI