The selling spree of PSUs by the Government continues at fast pace.
51% shares of BALCO and 65% of Hindustan Zinc have been sold to the Vedanta Group of Companies during the NDA period. there was sustained struggles against the sale of BALCO by its employees as also by the Central TUs. It was sold for a meagre amount of Rs. 551 crores to Sterlite ( which is now part of Vedanta), almost half of the market price. 65% of Hindustan Inc was sold for Rs. 750 crore in the same way.
Now the Government is proposing to completely sell the shares to the company and fully privatise. The Government expects to get about Rs. 20,000 crore through this sale. But that is doubtful since, it is a deal between the government and Vedanta and certainly the government will agree for lesser price.
It is not the question of the price alone. It is the question of handing over the nation’s wealth to private companies to maximise their profits. We strongly oppose the move to full sell the PSUs to the private.