Tag Archives: Disinvestment

Modi Government again in selling mode – 7 PSUs going to be disinvested.

29 Saturday Dec 2018

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Modi Government continues its attack on the PSUs. The latest cabinet decision is to sell shares of (1) Telecommunications Consultants (India) Ltd (2) RailTel Corporation (India) Ltd. (3) National Seed Corporation (India) Ltd. (4) Tehri Hydro Development Corporation Limited (5) Water and Power Consultancy Services (India) Limited (6) FCI Aravaly Gypsum and Minerals (India) Ltd and (7) Kudremukh Iron Ore Company Ltd. The first 6 PSUs will be disinvested through IPOs and the last by FPO. Almost all these are profitable PSUs and functioning well. Some of them like TCIL has got a lot of awards in excellence.

Selling of shares will get thousands of crores of rupees to the government, but none of this will be utilised for the improvement or development of the company. Even if 25% shares are sold, the private corporates (share holders) get the benefit of even deciding the policy. They will utilise it for their own purpose. Well knowing that the government favours the corporates, the Director Board also will become more interested in the benefits of the corporates than the PSU. The result will be deterioration of the company which will go in to loss. Then it is easy for the government to sell it very cheap with all the valuable land, building, equipment etc. in the centre of major towns.

The government is not worried about the future of the work force. The government is not interested in the development of the PSU. It is only the workers and the common people of the country who will fight this exploitation of the nations precious wealth.

Participate fully in the 48 hours national strike on 8th and 9th January 2019 against the anti-worker, anti-PSU policy of the government!

Stop Privatisation of Air India – Employees’ Unions to the Prime Minister

06 Friday Apr 2018

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MUMBAI: Eight employee unions of Air India have written to Prime Minister Narendra Modi raising serious concerns about the disinvestment of the national carrier and have sought an alternative revival plan.
In a letter, signed by representatives of the eight unions, they have also flagged possibility of job losses in case of privatisation.

Air Corporation Employees Union, All India Service Engineers’ Association, Air India Employees Union, Aviation Industry Employee Guild, Air India Aircraft Engineers’ Association, All India Aircraft Engineers’ Association, Air India Engineers Association and United Air India Officers Association have written the letter.

Together, these unions represent more than 10,000 Air India employees.

The Civil Aviation Ministry has sought Expression of Interest (EoI) from potential bidders for a 76 per cent stake sale in loss-making Air India as well as divestment of two of the carrier’s subsidiaries.

“We strongly protest Government of India’s move to privatise or disinvest Air India/subsidiaries as it is against the interest of the country and urge the government to review its decision… and explore the possibility of an alternative to disinvestment/ privatisation,” it said.

According to the letter, a copy of which has been seen by PTI, the unions said Air India can be restored to its “pristine glory” if debt worth Rs 30,000 crore is waived off or the loan is restructured and a proper roadmap is put in place with effective management.

Referring to the previous NDA government’s decision to sell two Centaur Hotels properties in Mumbai, the letter said there have been job losses after it.

“In our view, privatisation of Air India should be completely avoided with an effective revival plan with the participation of employees. It is also urged to write off/ restructure the loan for Air India revival instead of giving benefit to any private entity,” the letter, dated April 3, said.

Among others, the unions noted that the airline has never defaulted on interest repayments. (Courtesy: Times of India)

Protest privatisation of Air India, the Jewel of the Nation.

29 Thursday Mar 2018

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The decision of the central government to disinvest 76% shares of Air India, the national carrier called the Jewel of the Nation, is completely against the interest of the nation and is part of the aggressive privatisation move of the government to eliminate all PSUs to suit to the requirement of the private corporates to grab maximum profits. There is no justification for the privatisation of Air India, except that by doing so, the private carriers will get a hay day for raising the charges and garnering huge profits at the cost of the passengers.

Air India was one of the profit making excellent PSUs till the government merged Indian Airlines with it and ordered a large number of planes paying huge amount, when that much number of planes were not at all necessary and viable.
It is reported that the bid worth for Air India is fixed at Rs. 5,000 crore. With its large number of planes, the space it has got in all the airports, the machinery, the buses and other infrastructure, Air India will be having an asset of more than Rs. 20,000 crore at the least. Of course, privatisation is a process through which the valuable PSUs are gifted to the corporates for name sake price.

Strong protest should come up against this anti-people move of the government and the privatisation should be defeated.

Cabinet decides to disinvest Air India

28 Wednesday Jun 2017

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The Cabinet today decided to disinvest Air India. The report by the PTI is given below:

“The Union Cabinet today, 28th June 2017,  cleared disinvestment of debt-laden Air India but the final modalities, including the quantum of stake sale, will be decided by a group of ministers.

Finance Minister Arun Jaitley said the Cabinet has given “in-principle” approval for disinvestment of Air India.

A group will be set up to finalise modalities/details of disinvestment of Air India, including the quantum of stake sale, he said.

The civil aviation ministry is charting out the disinvestment of the state-run carrier.

Surviving on taxpayers’ money, Air India has been in the red for long and various proposals, including government think tank Niti Aayog’s suggestion for complete privatisation, have been made.

The airline has a debt of more than Rs 52,000 crore and is surviving on a Rs 30,000-crore bailout package extended by the previous UPA government in 2012. “

100% Disinvestment or Open sale of profitable PSU, HLL

15 Thursday Jun 2017

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The earlier plea of the government that the only the loss making PSUs are being sold, is now abandoned. Whether the PSU is profitable or not, it is going to be sold today or tomorrow. The design of the  government is very clear that all the PSUs, along with their land, will be handed over to the private corporates. There is no difference whether they are connected with the security of the nation, whether they are public services or in any  most important sector.

The latest information is that the profitable Hindustan Latex ( HLL Lifecare Limited ), a Mini Ratna company, is being sold with 100% disinvestment. It has a net revenue of 1,127 crores  and profit of Rs. 31 crore in 2015-16. This PSU has been profitable for continuously and situated in Kerala.

Disinvestment of SBI this year – SBI Chairman

03 Saturday Jun 2017

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Smt. Arundhati Bhattacharya, Chairman of SBI has stated that shares of SBI will be sold this year and the process is being considered. It will be worth$ 2.3 billion, she said.

The merger of Associated Banks with SBI and other actions taken by the government is intended to weaken the SBI and then disinvest.

Will the next in line be Reserve Bank of India?

AI and AI

29 Monday May 2017

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So far AI meant Air India. But now the ‘AI’ is more and more being used for Artificial Intelligence.

Government wants to eliminate Air India by closure or by strategic sale. Then, only one  AI will be there – Artificial Intelligence, which means more and more robots and robotics, mainly benefitting the corporates, rich and powerful, thus reducing the workforce.

However, the Air India workers and the people will not allow the major PSU, Air India, to be privatised. There is going to be sustained struggles, that I am sure.

Resist and Defeat the Murder of Public Sector!

07 Sunday May 2017

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Since the introduction of  neo-liberal LPG policy since 1991, the governments,  Congress or BJP, have been attacking the Public Sector. Whether it is Coal, Steel, Oil, Banks, telecom or power, the government has been after it to destroy the PSUs or hand over the same to the private corporates.

Disinvestment/ closure/ strategic sale of PSUs benefit the MNCs and the Desi corporates. Once the competition from the PSUs is over, they can loot the public like any thing. The government is dancing to the tune of these corporates and big business.

The fate of the PSUs, which have been closed or sold is known to all. Large number of workers lose their jobs, trade union rights are taken away, hire and fire become the law and the prices of the products are raised sky-high. Large areas of land, buildings and equipment are all handed over to the corporates for a song, just like in the case of ITDC Hotels, Balco, VSNL etc. The national assets are gifted to the corporate sharks.

The PSUs which strengthened the financial position of the country, gave the infrastructure for many industries, saved the country from the 2007 financial crisis  – all are being murdered one after another. The government has already decided to close or hand over about 75 PSUs in this year. PSU Banks are being merged. The RBI Dy. Governor has suggested de-nationalisation of the nationalised banks!

Next target is the Railways and Postal services. Move is already afoot.

It is time that the entire working class and the ordinary people come forward and fight this attack unitedly. It is  a question of now or never!

Resist the murder of the Public Sector! Defeat the ill-motivated pro-corporate policy of the government!

Government targets for Rs. 72,500 crore through disinvestment of PSUs

03 Friday Feb 2017

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Disinvestment (sale of shares) of valued Public Sector Units seems to be the most important work of the Modi government. The latest is the move of the government to disinvest PSU shares targetting about Rs. 72,500 crores, much more than the last year. NITI AYOG had recommended closure or strategic sale of about 70 PSUs.

There should be an end to the cheap sale of the ‘Family Silver’. These PSUs have served the nation in a big way and they can still help the nation for progress.

An Open Appeal to all the Executive and Non-Executive Unions/Associations in BSNL

06 Thursday Oct 2016

Posted by in BSNL, Disinvestment, Forum, General

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Dear Comrades, Colleagues and Brothers,

As a former Convener of the Joint Action Committee, Joint Forum and Forum of BSNL Unions/Associations, I wish to present the following appeal to all of you for a patient hearing and favourable consideration.

As all of us are fully aware, the formation of BSNL, corporatising the DOT services was the first step towards privatisation. Even before that, private telecom companies came in the scene. All the assistance, support etc. promised  by the government was an eye wash to make the employees get absorbed in the new corporation, BSNL.

Within a few years, all of us  experienced the move towards privatisation of BSNL by government through disinvestment and retrenchment. It was only through the united mighty struggles of the workers under the leadership of the JAC/Joint Forum/Forum that disinvestment and VRS/CRS could not be implemented in BSNL. It was a great achievement of the united struggle of the workers. It is to be noted here that almost all the PSUs stand disinvested and VRS/CRS implemented.

Privatisation not only means handing over this great government asset to the private for garnering huge profits, it also adversely affects the national security and results in loss of jobs to the employees.

The latest position of the government is to implement the recommendation of the NITI AYOG, to strategically sell BSNL and MTNL. When protests arose from the workers, NITI AYOG denied the report, but it is known to all that it is a ruse to confuse the workers from going on struggle. The present situation is very critical to the future of the PSU and the workers.

Through the initiative of the Forum and full co-operation from the Management, maximum efforts are made to improve the finance and better the services, which has borne fruit. This year, 2015-16, BSNL is in operational profit of about Rs. 3,000 crore. It is estimated that by 2017-18, BSNL will post profit.

It is, at this stage that the new danger of strategical sale is coming. At this crucial stage, we find the Forum, which has to take initiative, stands divided. BSNL Unions/Associations have always come together when there was any serious danger to the company and the workers.

This is the time for action. Any delay may result in untold hardship to the employees, sale of BSNL and retrenchment of tens of thousands of workers,  as was done in the case of ITDC Hotels, VSNL etc. Once there is no BSNL and MTNL, the charge for telecom services will rise many fold, as the experience of other countries have shown.

Action requires unity of all the workers/unions/associations. The JAC/Joint Forum/Forum has been the united force of the workers to defeat the anti-worker policy of the government. There have been differences between the unions/associations on demands or priority on demands etc. but all have stood together like a rock when any serious attack came on BSNL or the workers. This is the force that kept BSNL alive.

Therefore, my appeal to all the Unions/Associations is that at this crucial juncture let us join together under the leadership of the Forum as before and fight the menace of strategic sale and privatisation. The government move can be defeated only if we all are united and ready for struggle.

I hope that all unions/associations will ponder on these issues and will come together as before and unitedly fight for the survival of BSNL and the workers.

With Warm Regards,

Yours Comradely,

V.A.N.Namboodiri

Former Convener of JAC, Joint Forum and Forum of BSNL Unions/Associations

New Delhi, 06-102016