The Centre of Indian Trade Unions denounces the destructive as well as desperate move of the Govt to further divest 10 per cent shares of public sector Steel Authority of India Ltd (SAIL). This is nothing but putting the valuable national assets on auction to the detriment of national interests and for the benefits of private corporate.    

Already around 25% percent shares of SAIL have been sold out in the market by successive governments. This time when SAIL has been facing a difficult situation financially, followed by sharp decline in share price to around Rs 74, putting SAIL under further disinvestment tantamount to a shameless sabotage of a Maharatna Company like SAIL with a huge asset base by its owner Govt. This is nothing but pushing SAIL towards phased privatization that too at throw away prices only to benefit the private corporate, both foreign and domestic. The Department of Privatisation under Govt of India, the infamous DIPAM has put SAIL shares under Offer for Sale (OFS) today at a floor price of Rs 64 per share thereby further reducing the offer price from the level of market price.

The entire trade union movement of the country are opposing such sabotaging activities of the Govt by way of reckless disinvestment and privatization of country’s PSUs facilitating a loot on national assets by private corporate, both foreign and domestic. Decision of disinvestment in SAIL that too at a bottom level offer price is another desperate step in that direction and working people must unitedly oppose such destructive move.

CITU calls upon the working class and the steel workers movement in particular to voice their united protest and condemnation to the Govt move for disinvestment of share in SAIL.     

Issued by
(Tapan Sen)
General Secretary