Coal India unions agree to defer three-day strike

MUMBAI Sat Sep 21, 2013 10:47am IST

Labourers work inside a coal yard on the outskirts of Ahmedabad November 30, 2010. REUTERS/Amit Dave/Files

Labourers work inside a coal yard on the outskirts of Ahmedabad November 30, 2010.

Credit: Reuters/Amit Dave/Files

Related Topics

Stocks

   
Polluted waters of China

Polluted waters of China

Growing cities, overuse of fertilizers, and factory wastewater have degraded China's water supplies to the extent that half the nation's rivers and lakes are severely polluted.  Slideshow 

MUMBAI (Reuters) - Trade unions at Coal India Ltd(COAL.NS) have put off a three-day workers strike from September 23 to December, after a meeting with company officials, a company director said on Saturday.

The state miner's five trade unions had earlier served a strike notice, mainly to protest against the government's plan to sell off five percent of the company's equity. Last month, India selected seven banks to manage the stake sale that could raise $1.2 billion, prompting intensified opposition from the unions.

"They have deferred it to December after we agreed to some of their demands relating to VRS (voluntary retirement schemes) and other issues," Personnel & Industrial Relations Director R Mohan Das said by telephone from Kolkata. "The divestment should go through now."

Coal India, which accounts for about 80 percent of India's coal output, has missed its production target so far this year, which will likely result in costly imports, and the 3-day strike would have further squeezed supply.

The government hopes to sell the Coal India stake as part of a divestment target to raise 400 billion rupees from stake sales in the current fiscal year, as it looks to trim the fiscal deficit. India sold a 10 percent stake in the world's largest coal miner in 2010, raising $3.4 billion in an initial public offer.

Coal India shares ended 1.43 percent higher on Friday at 301.70 rupees on the National Stock Exchange. (Reporting by Prashant Mehra; Editing by Ron Popeski)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Top News

REUTERS SHOWCASE

Kerry's India Visit

Kerry's India Visit

Kerry presses India on WTO deal ahead of arrival  Full Article 

Big Infra Deal

Big Infra Deal

Piramal, Dutch APG tie up for $1 bln infra investment  Full Article 

E-Commerce

E-Commerce

Amazon says to invest $2 billion more in India   Full Article 

Lupin Results

Lupin Results

Q1 net profit up 56 percent on higher U.S. drug sales   Full Article 

L&T Slumps

L&T Slumps

L&T earnings raise 'multiple red flags' - Citi  Full Article 

Twitter Results

Twitter Results

Twitter assuages growth concerns for now as shares soar 35 percent  Full Article 

Auto Sector

Auto Sector

VW closes in on Toyota as global auto leader  Full Article 

Fed Meeting

Fed Meeting

Fed seen trimming bond buys, could offer vague rate clues  Full Article 

Gaza Conflict

Gaza Conflict

Israel strikes house of Hamas Gaza leader, digs in for long fight.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage