Millennium Post

CIL unions to meet Goyal today, may discuss disinvestment

Five worker unions of state-owned CIL will meet Coal and Power Minister Piyush Goyal on Monday to deliberate on various issues, including disinvestment.

Four central trade unions (CTUs) of the coal sector had earlier given notice to go on strike on March 29. “Coal and Power Minister Piyush Goyal will hold meeting with the five workers unions of Coal India on March 14,” Indian National Mine Workers’ Federation (INTUC) Secretary General S Q Zama said.

Zama further said that during the meeting there would be deliberations on national issues including disinvestment. “There is also likeliness that the issue of coal evacuation may also crop up during the discussion,” he added. The government had earlier said the unions are protesting divestment of the coal PSU, among other issues. The proposed strike is likely to hit the production of the coal behemoth. An official had earlier said the 10 per cent stake sale in Coal India (CIL) is likely to be deferred to next fiscal as the government wants to wait for stability in the equity markets for a better valuation. The government had last sold 10 per cent in the blue-chip on January 31, 2015, at the floor price of Rs 358 apiece and garnered Rs 22,557 crore.

In November last year, the Cabinet approved 10 per cent stake sale in Coal India. The government currently owns 79.65 per cent in the maharatna public sector unit.

Meanwhile, the coal ministry has slapped a show cause notice on GMR for delay in payment with regard to Talabira coal mine in Odisha.

The successful bidder is required to make monthly payments within 20 calendar days of expiry of each month with respect to coal extracted from the coal mine in such calendar month. In a letter dated March 11 to the Chairman of GMR Chhattisgarh, the Ministry said there was a delay in payment for the months of August 2015 and January 2016.

“In view of the above, you are hereby called upon to show cause within seven days of receipt of this notice why action... shall not be taken against GMR Chhattisgarh Ltd,” the ministry said.

The company had won the mine having extractable reserves of 28.77 million tonnes in auction held last year. GMR had pipped Adani Power, Essar Power, Sesa Sterlite and others by bidding Rs 478 per tonne to get the mine in the auctions. The government had also served a show cause notice to power major CESC for delaying payment with regards to Sarisatolli coal mine in Bengal. CESC had also bagged Sarisatolli mine in auctions. The company is engaged in generation and distribution of electricity and does not operate in any reportable segment. 
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