CoalMin, CIL unions meet on disinvestment remains inconclusive

A meeting between Coal Ministry and CIL workers' unions to resolve the disinvestment issue remained inconclusive today even as Coal Minister Sriprakash Jaiswal said there is no scope for any labour unrest.

 

Coal India Limited (CIL) employees are threatening to go on strike in case the government goes ahead with 10% stake sale in the PSU major.

 

"There is no scope for any labour unrest or strike," Jaiswal said after meeting the representatives of Coal India trade unions here today.

 

"There is no need for me to tell what issues were raised by them (trade unions) and what issues were raised by us (Coal Ministry). Today, the meeting (between the Coal Ministry and Coal India trade unions) was held in a cordial atmosphere. The discussions are going ahead with regard to Coal India disinvestment," Jaiswal said.

 

He also said that the next meeting of the Coal Ministry with trade unions of CIL is scheduled for July 30 and the decision taken would be in favour of CIL employees.

 

Terming the meeting as inconclusive, a trade union representative said around 3.6 lakh employees of CIL are opposing the stake sale in the PSU firm.

 

"The concern is then what is the limit. Then government can also think of another 10% next year. So, this will dilute the public sector character of Coal India," S Q Zama, Secretary General of Indian National Mineworkers Federation told reporters here.

 

The next meeting is just to explore the possibility if there is any other option, he said.

 

The government currently holds 90% stake in Coal India, which is valued at Rs 1,88,227 crore.

 

Earlier, Indian National Mineworkers Federation had threatened to go on strike if the government went ahead with its plans to offload further equity in the Maharatna firm.

 

Four other unions, including the Hind Mazdoor Sabha (HMS) and the Bhartiya Mazdoor Sangh (BMS) are also opposed to the stake sale.

 

CIL got listed on bourses in 2010 through the country's biggest ever initial public offering in which the government raised Rs 15,199 crore by selling 10% stake.

 

Coal India, which has a cash balance of about Rs 60,000 crore, will be the biggest disinvestment for the government in 2013-14 fiscal if offloading of equity goes as per plan.