Industry

Strike threat clouds plan for further disinvestment at Coal India

The nation-wide strike call has been given from September 23 to 25

The Centre’s plan for a second dose of divestment of its stake in Coal India Ltd. (CIL) has come under a cloud following a three-day strike call given by all the five central trade unions in the coal sector. The unions are stiffly opposing the disinvestment proposal. The nation-wide strike call has been given from September 23 to 25—putting production of an estimated three million tonnes of coal at stake.

Though the second round of divestment in CIL is at the top of the unions’ agenda , they have also included the proposed restructuring of CIL and other service-related demands in their notice.

The unions participating in the proposed agitation will include the affiliates of the Indian National Trade Union Congress (INTUC), the Bharatiya Mazdoor Sangh (BMS), and the three left trade unions , the Centre for Trade Unions (CITU), The Hind Mazdoor Sabha (HMS) and the All India Trade Union Congress.

The Centre had proposed to reduce its stake in CIL by another 10 per cent. CIL had become a listed company in November 2010 through an initial public offer when a 10 per cent divestment was made. However, following objection from the trade unions, the second offering was reduced to five per cent.

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Printable version | Jun 3, 2020 3:47:15 PM | https://www.thehindu.com/business/Industry/strike-threat-clouds-plan-for-further-disinvestment-at-coal-india/article5049236.ece

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