With one of the unions serving strike notice to CIL opposing proposed stake sale in PSU, the five operating trade unions of the Maharatna company may meet on August 18 to persuade AICWF to withdraw the proposed agitation.
CITU-led All India Coal Workers’ Federation (AICWF) has served notice to the PSU for a three day strike beginning September 19 against divesting stake in Coal India (CIL).
“The five Central Trade Unions (CTUs) are meeting on August 18 in Ranchi to discuss various issues. During the meeting we will also request AICWF to withdraw the strike notice,” Indian National Mineworkers’ Federation (INMF) Secretary General S.Q.Zama told PTI.
INTUC-affiliated trade body INMF had earlier termed the strike notice by AICWF as an isolated action that is against the consensus reached among five central trade unions.
Coal India workers are represented by five unions - Indian National Trade Union Congress (INTUC), Hind Mazdoor Sabha (HMS), Bharatiya Mazdoor Sangh (BMS), AICWF and All India Trade Union Congress (AITUC).
The government, which originally planned to sell a 10 per cent stake in CIL, had halved it to 5 per cent in a bid to placate trade unions. Coal Minister Sriprakash Jaiswal had earlier said that three of the five major trade unions had given their consent to proceed with the 5 per cent stake sale.
The government had earlier said that it will select as many as seven merchant bankers to manage the share sale and has invited bids in this regard by August 26.
According to industry analysts, a single day’s strike may result in CIL losing more than 1 million tonnes of production.
The company’s output in 2012-13 was at 452.21 million tonnes.
The government holds a 90 per cent stake in CIL. The company was listed on the bourses in 2010 after the government raised Rs 15,199 crore by selling a 10 per cent stake in the country’s biggest initial public offering.
The company accounts for over 80 per cent of domestic coal production and has a cash balance of about Rs 60,000 crore.
CIL shares were trading at Rs 262.80 a piece on the BSE in the afternoon trade, down 2.90 per cent from the previous close.