Though there may be majority of employees who are against disinvestment idea, but there also employees like Ravi Ranjan Kumar who disagrees with the Union members and stands with the government.
Kumar said to this citizen journalist , “Firstly, it (disinvestment) will generate money for the government to curb fiscal deficit and secondly, with the private players coming in as share holders, the modern technologies and best management practices will come automatically. But this disinvestment policy should be controlled and limited, so that the Govt. remains a major stake holder (in CIL).”
The government is sighting similar reasons but the employees are cautious. This is the second time that Coal India is selling its stakes, in spite of the promise during the first round of disinvestment that there will not be second round.
While speaking to this citizen journalist on the condition of anonymity a CIL employee said, “It is obviously not a good move. Many workers and trade unions are on strike on the issue (of disinvestment). If it continues in the same manner and private stake becomes more than 50 percent then CIL will loose its public sector status. And that is definitely something we don't want.”
While the company is trying to subdue the situation they are making progress in the sale. For managing the Coal India stake sale, a meeting is to be held on September 10 where legal authorities would be chosen to manage the deal of the 5 percent stake sale of Coal India Ltd.
The government currently holds 90 percent stake in the company. The Finance Minister P. Chidambaram, on the other hand have tried to placate the situation by saying that the proceeds would be invested in the PSU banks.