Business Standard
Nalco employees to protest against disinvestment proposal
Edited by : AL CIRCLE
2 min read
More than a dozen employees' union of the National Aluminium Company (Nalco) are planning to organise massive protest rally objecting to the recent decision of the government to dilute 12.15% stake in the state-run enterprise, after their demonstrations in front of various unit offices across Odisha over the weekend.
Staff associations of Nalco's smelter unit at Angul, mining unit at Damanjodi and at its Bhubaneswar headquarter are in talks to form an umbrella organization to register their protest.
"After we form a Central Coordination Committee of all the employees' association on Tuesday, we will meet the Chief Minister and send a memorandum to the Prime Minister about not to go ahead with the decision of disinvestment. We have decided not make this (disinvestment) happen at any cost,” said Madan Mohan Dhal, advisor of Nalco Shramik Congress Union ( NSCU), Angul.
The employees have already started demonstrating in front of several offices of Nalco in the state voicing concerns about their jobs on fears that the process of share sell would push the public sector unit (PSU) into the hands of private control in future. At present, the government of India holds 87.15% in Nalco and following the stake dilution, it will have 75% stake.
There has been several attempts by governments to sell stakes at Nalco since 2001, including the one during the National Democratic Alliance (NDA) regime, but none of the plans could not see the light of the day due to stiff opposition from the labours' and officers' associations.
Sources at Nalco said the demonstrations did not affect production at any of the sites. The management of the aluminium maker, meanwhile, has initiated the process to appoint merchant banker for the stake sale offer.
On the Bombay Stock Exchange (BSE), Nalco shares are currently trading at Rs 55.05, up by Rs 0.95 per share.
Staff associations of Nalco's smelter unit at Angul, mining unit at Damanjodi and at its Bhubaneswar headquarter are in talks to form an umbrella organization to register their protest.
"After we form a Central Coordination Committee of all the employees' association on Tuesday, we will meet the Chief Minister and send a memorandum to the Prime Minister about not to go ahead with the decision of disinvestment. We have decided not make this (disinvestment) happen at any cost,” said Madan Mohan Dhal, advisor of Nalco Shramik Congress Union ( NSCU), Angul.
The employees have already started demonstrating in front of several offices of Nalco in the state voicing concerns about their jobs on fears that the process of share sell would push the public sector unit (PSU) into the hands of private control in future. At present, the government of India holds 87.15% in Nalco and following the stake dilution, it will have 75% stake.
There has been several attempts by governments to sell stakes at Nalco since 2001, including the one during the National Democratic Alliance (NDA) regime, but none of the plans could not see the light of the day due to stiff opposition from the labours' and officers' associations.
Sources at Nalco said the demonstrations did not affect production at any of the sites. The management of the aluminium maker, meanwhile, has initiated the process to appoint merchant banker for the stake sale offer.
On the Bombay Stock Exchange (BSE), Nalco shares are currently trading at Rs 55.05, up by Rs 0.95 per share.
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