Employees protest Nalco disinvestment

Angul: Hundreds of employees of National Aluminium Company (Nalco) here took to streets on Friday protesting the Centre’s stake sale in the navratna PSU.

The protestors staged a demonstration in front of the plant’s main gate and shouted slogans against the Centre which recently raised over Rs 1,200 crore via sale of 9.2 per cent share in Nalco. Raising placards, the protestors urged the Union government to stay away from the disinvestment of the profit making company.
“This is completely anti-growth policy of the government. We are completely against such a move. If such things continue, we will be forced to stall the plant operations,” warned Prasanna Mallick, president, Nalco co-ordination committee.

They suggested that there is no need of selling stakes when the company is doing well.

On Thursday, of its total holding of 74.58 per cent, the Centre offloaded 9.2 per cent and raised about Rs 1200 crore. The government exercised the green shoe option, which is chosen to retain oversubscription of the offer for sale. Originally, the Centre had put up 5 per cent of its stake on the block.

Meanwhile, while the ruling BJD and Congress have raised objections into the Centre’s move, the State unit of BJP welcomed it.
“We have been opposing such a move even when the NDA government was at the Centre. We are completely against it,” BJD spokesperson Pratap Deb said.
Congress leader Narasingha Mishra stated that Nalco’s disinvestment plan will not yield desired results. “The Centre should refrain from such a step,” Mishra said.
However BJP state general secretary Prithwiraj Harichandan noted that the Centre wanted the company to grow and the move is for the benefit of the PSU.