CPI opposes disinvestment of Nalco and all profit making PSUs

BHUBANESWAR: Opposing disinvestment of all profit making public sector undertakings ( PSUs) including Nalco, CPI today said moves to offload 12.5 per cent share of the aluminium giant is nothing but a gradual process towards privatisation.

"Disinvestment of 12.5 per cent of Nalco is a step towards privatisation," senior party leader A B Bardhan told reporters quoting a resolution approved at CPI's two-day National Executive meeting here.

The resolution also said the UPA-II government is doing so (disinvestment) "shamelessly" in continuation with its bid to push forward policies of neo-liberalism and meet the growing fiscal deficit.

While the Government of India has a share of 87 per cent in Nalco, a group of ministers (GOM) is examining to disinvest 12.5 per cent share from the company during this fiscal.

Bardhan said the previous NDA government's move for strategic sale of Nalco was successfully resisted by the central trade unions, Nalco trade union and all the political parties in the state. "Successive governments tried to disinvest the shares of the company," the party alleged.

Stating that Nalco's present cash reserve was Rs 5,000 crore and the company earned profit every year, CPI said it was the largest integrated aluminium company in the country.

The company is having the largest trading house status in the field of export and with its consistent excellent performance has bagged the best PSU award in 2012, in the non-ferrous metal category.

As the company has contributed immensely for the peripheral development of the state, its disinvestment must be opposed, the resolution said.