Bizodisha Bureau, Bhubaneswar, May 9, 2015 :

The ruling Biju Janata Dal [BJD] in the past had launched state-wide agitation over the issue. Some 23 MPS on Friday protested against the Centre’s move to disinvest 10 percent of its stake in Navratna PSU Nalco and submitted a memorandum to Union Mines minister Narendra Singh Tomar in New Delhi.

“All BJD MPs submitted a signed memorandum to the Union minister in protest against the decision of the Centre”, Bhartruhari Mahatab, leader of the BJD Parliamentary Party, said.

“There is no need for disinvestment of Nalco. While the NDA government at the Centre is trying it now, the previous UPA government had also made a similar attempt. I hope that the memorandum submitted by the BJD will have some effect on the Centre,” he added.

The union finance ministry has decided to disinvest capital from Nalco and improve its fiscal situation, Tomar informed the BJD MPs.

“But our contention is when a company is earning profit since its inception and is bracketed among the Navratna group of companies, there is no need for its disinvestment. Rather, the Centre should sell off sick and loss-making companies to offset the loss. Selling off the capital of a profit-making company is like selling the family silver,” Mahatab remarked.

Earlier, when the UPA government had proposed such disinvestment, the Bharatiya Janata Party, led parties and trade unions had organized protest activities.
The then BJP state president and now the union minister for tribal affairs, Jual Oram, had warned his party would also launch a state-wide agitation against disinvestment proposal of Navaratna PSU.

The union government has 87.15% stake in the PSU. The union government wants to disinvest about 10% of its stake in the aluminium major to raise funds for social sector development.