Trade unions against 10% divestment in Coal India

CIL could raise around Rs 23,000 cr based on its current share price

Central trade unions have decided to oppose another 10 per cent divestment in Coal India (CIL).

The general secretary of the All India Coal Workers Federation, Jibon Roy, said, "We condemn the government decision to disinvest 10 per cent more in CIL shares to private hands. We will call the coal workers to fight back." SQ Zama, secretary-general of the Indian National Mine Workers' Federation, also criticised the stake sale.

"We all will oppose the disinvestment," he said. The Union government is targeting around Rs 45,000 crore by selling shares in blue-chip public sector companies Coal India, ONGC and NHPC.

Coal India, the world's largest coal mining company, alone could raise around Rs 23,000 crore based on its current share price.

SQ Zama said that five central trade unions had already served a notice recently for a three days' "work to rule" agitation from September 18 to 20 to the coal secretary in support of various demands including no further divestment in Coal India.

The BJP-affiliated trade union BMS is also among the trade unions calling for the "work-to-rule" agitation, he said.

Central coal trade unions' meeting is slated on September 21 where a joint action plan is likely to be adopted to oppose divestment.

Zama said a discussion is being held between the unions on whether they would attend a meeting called by Coal India in Delhi on September 15 on the 'work to rule' notice.

The Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister Narendra Modi, yesterday approved the disinvestment of 10 per cent paid-up equity capital in Coal India (CIL).

Presently, the Government shareholding in the coal mining company is 89.65 per cent.