During Bajpayee government BALCO and Hindustan Zinc Limited was handed over to Vedanta Group through strategic sale. 51% in BALCO and more shares in HZL was sold at that time. Vedanta Group now wants all the shares to be purchased so that it will get control of all the assets of the company without any government control. The UPA government did not take any decision in the matter earlier. Such handing over will be against the interest of the nation and the workers. It should not be allowed.
Hindustan Zinc Limited (HZL), the Public sector Company is going to be fully privatised with the residual share of 29.5% also being offered to the Vedanta Group, which is already having majority shares. The Finance ministry has started preparation for the sale and consequent privatisation.
One more asset of the people is going to be in the hands of the private corporate. It is the nation’s loss.
The CITU through a Press Release has strongly condemned the government move to sell the residual shares of BALCO and HZL, which will convert these PSUs in to private companies.
The Government has 29.5% share in HZL and 49% in BALCO. They are also cash rich PSUs. By privatising these PSUs, the government is handing over these profitable companies completely to the private.
We also strongly protest this action of the government and support the agitation of the workers in these PSUs.
The Hindustan Zinc Limited, a Central PSU will be privatised shortly. The Government is having only 29.5% stake in the PSU now. This also will be sold through action. the proposal is already approved with the Attorney General clearing the proposal. The Government is expecting Rs. 16,000 crore from the sale.
One after another, the Public Sector Units are being sold to the private companies at cheap rates. These PSUs are located in central areas with a large area of land. The market prices are high. The equipment, building etc. also cost much. But in the name of liberalization, all these are handed over to the private at very cheap rates.
The Government is only the Manager and not owner of these PSUs. The people are the owners. But the Management is selling these PSUs at their whim and fancy. A strong movement should come against these anti-national disinvestment.
One of the most important agenda of the UPA-II government has been and is the selling of the Nation’s wealth to the private on the plea of reducing the financial crunch. But it is more than that. The government wants to wealth of the Nation’s wealth for maximising the profit of the private corporates.
Tomorrow, 3rd December 2013, a meeting of the high level Ministers are going to take place to speed up the Disinvestment process. A target of Rs.40,000 crore was fixed for 2013-14 through selling shares of PSUs, but so after it has received only Rs. 1325 crores by selling shares of six PSUs.
Government wanted to disinvest 10% shares of Coal India Ltd. but due to strong opposition from the trade unions, it could not be done. Now the government is proposing to sell 5% of the shares of CIL. Government has 90% shares in CIL now.
Further the government is proposing to hand over the balance shares of 49% shares of BALCO and 29.5% shares of Hindustan Zinc Ltd., the majority shares of which are are already with Vedanta group of companies. These were sold in 2001-03 despite strong opposition and strike from the unions. Now both these will be fully under the private companies. This is what the government wants to do with all PSUs one after another.
I am sure the workers of these PSUs will fight against this privatisation process. They should be given full support and solidarity.