The Federation of Oil PSU Officers (FOPO) and Confederation of Maharatna Companies (COMCO) have written to Prime Minister Narendra Modi opposing the Centre’s move to shed the stake in central government PSUs.

This letter is in light of the Centre’s move to sell its entire stake in Bharat Petroleum Corporation Limited (BPCL), Tehri Hydro Development Corp of India (THDCIL), North Eastern Electric Power Corporation (NEEPCO), Shipping Corporation of India and Container Corporation of India.

While NEEPCO and THDCIL are being sold to fellow PSU — NTPC — the rest are expected to be sold to private players.

Raising concerns, a joint statement from from the associations said, “It was further observed that the decision is ill thought, regressive & anti-people and other avenues for raising finances without sale of stake or without transfer of management has not been examined.”

A resolution to oppose the moves and write to the PM was taken at a meeting of the associations held in Delhi on Friday.

“It was unanimously observed that profitable PSUs are leading enterprises in the country in their respective domains and are jewel in the crown in Indian Corporate world. PSUs act as counterbalancing force and curb profiteering by private enterprises through healthy competition and transparent pricing,” the statement said.

“This also results in protection of consumer rights. These PSUs have recently proved their mettle in implementing schemes of Govt. of India. Besides, these enterprises are more efficient and highly profitable. The decision will erode precious wealth, goodwill and working spirit built over the years and is therefore grossly against the interest of common public,” the statement added.