Govt face fire over proposal to privatise IOC

NEW DELHI: The government on Saturday came in for sharp criticism from BJP ally Shiv Sena as also Opposition Congress and CPI(M) for its proposal to privatise Indian Oil Corporation, one of the biggest companies in the world.
"We are totally opposed to the decision of the government in regard to privatisation of IOC or any branch thereof like marketing. We are opposed to sale of government equity in oil sector, which we consider strategic in nature," Congress spokesperson S Jaipal Reddy said.
The government had no right to divest its equity in IOC since Supreme Court had halted privatisation of HPCL and BPCL, he said, adding that Parliamentary approval should be taken before selling stake in IOC.
Shiv Sena leader and president of Bharatiya Kamgar Senaf S Mahdik threatened to launch protests to stall the proposed move to split IOC into retailing and refining companies and sell the former to a strategic partner.
Describing the proposal as shocking, CPI(M) said, "The destruction of such a valuable public asset is nothing but unbridled loot."
Left-affiliate Central for Trade Unions (CITU) said, "The decision demonstrates abject surrender of BJP-led government to the will of the big business in the country and foreign oil MNCs to hand over the cash-rich excellently-run blue-chip oil PSU."
Mahdik said Shiv Sena would work in tandem with other trade unions including CITU in chalking out various agitational programmes in protest against the government''s policy of disinvestment of oil PSUs.