Nalco staff wants Sonia to alter Cabinet decision
NALCO co-ordination committee has sought intervention of UPA chief Sonia Gandhi for reversal of the proposed disinvestment.india Updated: Jul 01, 2006 16:54 IST
As protest against the Centre's decision to divest 10 per cent in the profit making Nalco gains momentum, NALCO co-ordination committee, an umbrella body of employees, on Saturday sought intervention of UPA chief Sonia Gandhi for reversal of the proposed disinvestment.
"NALCO is a profit making public sector unit....Kindly prevail upon the decision of cabinet committee and save NALCO from the attempt to privatise it gradually," Convenor of Nalco Co-ordiantion Committee (NCC) BC Ray said in a letter sent to Gandhi.
"Since 1999-2000, NALCO has already paid Rs 2355 crore dividend as against investment of Rs 644 crore. The return of investment is quite high in comparison to any navaratna company. Therefore, Nalco deserves to be included in the navaratna instead of (going for) disinvestment," Ray said.
He said, "It is surprising that when NTPC is allowed for expansion through its own resources and through IPO, why NALCO's stake will be divested?"
The NCC convenor said, "NALCO does not depend on any other state for its raw material. Orissa is directly or indirectly benefited out of the company. Gradual process of handing over the management control to private hands will jeopardise financial as well as social interest of the state."
He said NALCO had reserves of Rs 4,500 crore and it could self-finance its second phase of expansion, which had already taken place.
"The company has got zero debt even after completion of first phase expansion. Selling the company stake at this stage to the private hands will be nothing but donating public money to private owners for no reason," he said.