Trade unions protest against move to sell CSL shares

June 22, 2013 11:34 pm | Updated 11:34 pm IST - KOCHI:

CITU and AITUC have come out against a proposal to sell shares of Cochin Shipyard Limited (CSL) to raise funds for the shipyard’s expansion and diversification.

Cochin Shipyard Employees’ Federation, CITU, claimed in a statement issued on Saturday here that people in Kerala could not brook the idea of selling shares in the public sector company, which had turned into a model PSU, making profits over the past 15 years.

The statement issued by the president of the federation and MLA K. Suresh Kurup said that the shipyard was a strategic institution and people’s help would be sought to resist any move to sell shares of the company.

The shipyard management announced on Friday that it planned to seek the permission from the Union government to raise Rs. 500 crore through sale of shares to fund its expansion plan.

Secretary of the AITUC and former MLA P. Raju said in a statement on Saturday that the shipyard was a Mini Ratna company and was making profits over the past few years. The shipyard had made more than Rs. 500 crore in profits over the past five years and the company had Rs. 600 crore in reserves. Therefore, it would not be difficult for the shipyard to find money for its expansion works, the statement said.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.