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Business News/ Companies / News/  CIL unions to meet on 18 August; ask AICWF to withdraw strike notice
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CIL unions to meet on 18 August; ask AICWF to withdraw strike notice

CITU-led AICWF has served notice to Coal India for a three day strike beginning 19 September against divesting stake in the company

The government, which originally planned to sell a 10% stake in CIL, had halved it to 5% in a bid to placate trade unions. Photo: Getty Images (Getty Images)Premium
The government, which originally planned to sell a 10% stake in CIL, had halved it to 5% in a bid to placate trade unions. Photo: Getty Images
(Getty Images)

New Delhi: With one of the unions serving strike notice to Coal India Ltd. (CIL) opposing proposed stake sale in the public sector unit (PSU), the five operating trade unions of the maharatna company may meet on 18 August to persuade All India Coal Workers’ Federation (AICWF) to withdraw the proposed agitation.

Centre of Indian Trade Unions (CITU)-led AICWF has served notice to the PSU for a three day strike beginning 19 September against divesting stake in CIL.

“The five central trade unions (CTUs) are meeting on 18 August in Ranchi to discuss various issues. During the meeting we will also request AICWF to withdraw the strike notice," Indian National Mineworkers’ Federation (INMF) secretary general S.Q. Zama told PTI.

Indian National Trade Union Congress (INTUC)-affiliated trade body INMF had earlier termed the strike notice by AICWF as an isolated action that is against the consensus reached among five central trade unions.

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

The government, which originally planned to sell a 10% stake in CIL, had halved it to 5% 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% stake sale.

The government had earlier said that it will select as many as seven merchant bankers to manage the share sale and has invited bids in this regard by 26 August.

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 at 452.21 million tonnes. The government holds a 90% stake in CIL. The company was listed on the bourses in 2010 after the government raised Rs15,199 crore by selling a 10% stake in the country’s biggest initial public offering.

The company accounts for over 80% of domestic coal production and has a cash balance of about Rs60,000 crore. CIL shares were trading at Rs262.80 a piece on the BSE in the afternoon trade, down 2.90% from the previous close.

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Published: 16 Aug 2013, 08:56 PM IST
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