State at Large

Employees oppose NALCO disinvestment

NALCO

Angul: Several trade unions and employees’ associations under the banner of the NALCO Coordination Committee have opposed the Union Government’s move to sell 10 per cent stake of the Navaratna Company Nalco in the stock exchanges.

The Government has put stakes on sale for both institutional buyers and retail investors to meet its target of Rs 72,500 crore disinvestment plan for 2017-18 fiscal. It expects to raise Rs 1,300 crore out of Nalco stake sale.

The Central PSU would sell upto 9.66 crore equity, which is 10 per cent of Government stakes, through the offer for sale (OFS) route. When the sale is completed, the Government’s percentage of share in Nalco will be reduced from 74.58 per cent to 64.58 per cent.

The members of the Coordination Committee are now protesting against the stake sale move at the Smelter and CPP Plant, Angul arguing that the company would be financially weakened following disinvestment and would open scope for privatization.

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