A strike called by a group of workers against disinvestment in Coal India has been termed by INTUC-affiliated trade body INMF as an isolated action that is against the consensus reached among five central trade unions.

Earlier this week, the All India Coal Workers’ Federation (AICWF) had served notice to Coal India for a strike starting on September 19 against the Government’s proposal to divest a 5 per cent stake in the state-owned company.

“AICWF, affiliated to CITU, has served notice on August 7 for three day strike... Such isolated action by CITU is against the consensus arrived between five central trade unions,” Indian National Mineworkers’ Federation (INMF) Secretary General S Q Zama said in a statement.

Coal India workers are represented by five unions — Indian National Trade Union Congress (INTUC), Hind Mazdoor Sabha (HMS), Bharatiya Mazdoor Sangh (BMS), AICWF and All India Trade Union Congress (AITUC).

He said the trade unions had decided to meet after August 15 to discuss various issues, including the pros and cons of disinvestment in Coal India (CIL).

“Although we appreciate CITU’s ideological rigidity towards disinvestment... it is premature to infer that any of the remaining four central trade unions, including INTUC, has ever agreed or consented to disinvestment in CIL in any form,” Zama said.

He added that INMF may convene a meeting of the unions, including Centre of Indian Trade Unions (CITU), at the earliest occasion after Independence Day celebrations.

The Government, which originally planned to sell a 10 per cent stake in CIL, had halved it to 5 per cent in a bid to placate trade unions. Coal Minister Sriprakash Jaiswal had earlier said that three of the five major trade unions had given their consent to proceed with the 5 per cent stake sale.

The Government said on Thursday it will select as many as seven merchant bankers to manage the share sale and has invited bids from them by August 26.

According to industry analysts, a single day’s strike may result in CIL losing more than 1 million tonnes of production.

The company’s output in 2012-13 was 452.21 million tonnes.

The Government holds a 90 per cent stake in CIL. The company was listed on the bourses in 2010 after the Government raised Rs 15,199 crore by selling a 10 per cent stake in the country’s biggest initial public offering.

The company accounts for over 80 per cent of domestic coal production and has a cash balance of about Rs 60,000 crore.

CIL shares closed at Rs 268.20 on the BSE on Thursday, up 2.07 per cent.

Related Topics
comment COMMENT NOW