News: Coal India union says to oppose any stake sale

Employee Relations

Coal India union says to oppose any stake sale

Unions representing workers at Coal India Ltd, the world's largest coal miner, will oppose any move to sell a stake in the state-owned company as part of the new government's plan to shore up its finances, a union leader said on Friday. The government, which has a 90 per cent stake in the company whose total value is about $40 billion, is considering the sale of a 10 per cent stake, according to official sources. Prime Minister Narendra Modi's administration is looking to raise a record $10.5 billion from asset sales this fiscal year ending March 31 to keep the deficit under control. "We will not allow the government to sell any stake and will hit the streets if needed," said D.D. Ramanandan, vice president of the All India Coal Workers Federation, one of five unions representing workers at the company.

Unions representing workers at Coal India Ltd, the world's largest coal miner, will oppose any move to sell a stake in the state-owned company as part of the new government's plan to shore up its finances, a union leader said on Friday. The government, which has a 90 per cent stake in the company whose total value is about $40 billion, is considering the sale of a 10 per cent stake, according to official sources. Prime Minister Narendra Modi's administration is looking to raise a record $10.5 billion from asset sales this fiscal year ending March 31 to keep the deficit under control. "We will not allow the government to sell any stake and will hit the streets if needed," said D.D. Ramanandan, vice president of the All India Coal Workers Federation, one of five unions representing workers at the company.

Read the Economic Times news report here.

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Topics: Employee Relations, #IndustrialRelations, #National

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