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

   
Priyanka Gandhi Vadra, daughter of Congress party chief Sonia Gandhi, adjusts her flower garlands as she campaigns for her mother during an election meeting at Rae Bareli in Uttar Pradesh April 22, 2014. REUTERS/Pawan Kumar

Election 2014

More than 814 million people — a number larger than the population of Europe — are eligible to vote in the world’s biggest democratic exercise.  Full Coverage 

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

REUTERS SHOWCASE

Oil Imports

Oil Imports

India to make May-July oil payments to Iran - sources.  Full Article 

DLF Shares

DLF Shares

DLF slides 3 percent, underperforms rivals.  Full Article 

Global Economy

Global Economy

Chinese factories stalling as euro zone business picks up  Full Article 

Rupee Falls

Rupee Falls

Rupee falls for third day; foreign fund inflows key.  Full Article 

Record High

Record High

BSE Sensex hits record high for third straight day.  Full Article 

M&M Upgraded

M&M Upgraded

Credit Suisse upgrades Mahindra & Mahindra to 'outperform'  Full Article 

Breakingviews

Breakingviews

Manchester United’s crisis has silver lining  Full Article 

Reuters India Mobile

Reuters India Mobile

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