UK unions notify Tata Steel of industrial action on June 22
Tata Steel on Wednesday said trade unions have informed it on their plans for industrial action at all its plants across the UK over the firm's proposal to revise the British Steel Pension Scheme (BSPS).
Earlier this week, trade unions -- Community, GMB, Ucatt and Unite -- representing workers of Tata Steel in the UK announced "strike action" on June 22 over the proposed changes to the company?s pension scheme marking the biggest industrial action in the country in over three decades.
In a BSE filing, the firm said: "Tata Steel UK (indirect subsidiary of Tata Steel Ltd) has now been notified by the 4 unions (Community, GMB, Ucatt and Unite) of their plans to take industrial action in dispute over the company's proposal to revise the BSPS' contribution and benefits framework."
Earlier, Tata Steel had said that the decision was "very disappointing" and promised to lessen the impact of the changes, which include employees retiring at 65 instead of 60. The filing further said: "As per the notice received, the unions in the UK propose a UK-wide ban on overtime working and a 'work to rule' commencing June 16, 2015 and additionally strike action at most of the UK operating units on June 22." Tata Steel employs more than 17,000 workers at four sites across Wales in Port Talbot, Newport, Flintshire and Carmarthenshire, as well as sites around England including Corby, Hartlepool, Rotherham, Scunthorpe, Teesside and York.
"We would like to mention that Tata Steel Europe has strategies and actions to manage disruption of business and minimise customer and financial impacts," the filing added.
Cairn, Vedanta boards to meet on Sunday to consider merger
The boards of Cairn India Ltd and Vedanta Ltd are likely to meet on Sunday to consider merger of cash-rich oil firm with the metal and mining company as billionaire Anil Agarwal looks to consolidate businesses and cut debt. Separate meetings of the boards of Vedanta and Cairn are being called on June 14 in Mumbai to consider an all share merger, sources privy to the development said.
The merger will help cut Vedanta's Rs 37,636 crore gross debt by using Rs 16,870 crore of cash lying with Cairn as well as over Rs 1,320 crore of profit the firm generates every year. Sources said the boards will consider the share swap ratio and decide on timelines for completion of the merger. The meeting will be finalised once Agarwal confirms his availability, they said.