CPI(M) state unit opposes plan to sell 5% stake in NLC

CHENNAI: The state unit of CPI(M) today opposed the Centre's proposal to sell off five per cent stake in Neyveli Lignite Corporation, saying the move reflected the Government's intention to steadily travel the path of neo-liberalisation.

"The Public Sector Undertaking had come into existence mainly on the efforts by Communists. Since it is PSU, electricity is being sold on low rates," CPI(M) state unit secretary G Ramakrishnan said in a statement here.

Policies favouring the private sector had already resulted in many scams and the move shows Centre "wants to steadily travel the path of neo-liberalisation," he alleged.

With most unions opposed to Centre's proposal, it should immediately drop the move, he said adding similar efforts to divest shares could not materialise in 2002 and 2006 due to stiff opposition.