CIL unions to meet again next week to take a call on strike

The five trade unions of state-owned Coal India (CIL) will meet again next week to take a final view on whether to go on three-day strike beginning September 23.

The development comes in the wake of the meeting of the workers union with CIL remaining inconclusive today.

"All the five trade unions representing Coal India had a meeting with the PSU today. We discussed lot many issues but the meeting remained inconclusive," Indian National Mineworkers' Federation (INMF) Secretary General S Q Zama told PTI.

"However, we are meeting again on 20th September in Kolkata and will take a final view whether to go on strike or not," Zama said.

All India Coal Workers Federation General Secretary Jibon Roy also said that a lot of issues came up for deliberation during today's meeting. However, no conclusion could be reached.

"During the meeting, Coal India requested the five unions to withdraw the strike call as it would lead to serious ramifications including a hit in production. However we are meeting again next week," Roy said.

The meeting was attended by the representatives of all the five unions and Coal India Chairman and Managing Director S Narsing Rao, among others.

The trade unions of CIL had earlier decided to go on a strike against the government's proposal to divest 5% stake in Coal India through Offer for Sale (OFS) route.

Goldman Sachs, Credit Suisse, Deutsche Bank and SBI Capital Markets are among seven merchant bankers selected to manage the stake sale in CIL.

The government currently holds 90% stake in the company.

The Disinvestment Department pared a plan to sell 10% stake in CIL to placate employee unions.

Finance Minister P Chidambaram had earlier tried to assuage the workers unions, saying the disinvestment proceeds from the coal behemoth would be invested in PSU banks.

CIL was listed on the bourses in 2010 after the government raised Rs 15,199 crore by selling 10% stake in the country's biggest initial public offering. The company has a cash balance of Rs 62,000 crore.