Trade unions representing workers at Indian government-run steel producer Rashtriya Ispat Nigam Limited (RINL) have decided to oppose and prevent entry of any prospective bidder or its representative teams to conduct valuation, union representatives said on Tuesday, May 24.
The Indian government has announced the privatization of the 6.3 million mt per year capacity steel mill operated by RINL at the southern port town of Vishakhapatnam, but is opposed by workers and the local state government.
“Come what may, all unions at RINL are united to oppose bids for privatization and handing over the assets on a golden platter to private investors. We will not allow any team of valuers or representatives of prospective bidders entry into the mill premises,” a trade union leader said.
The trade union claims that RINL is the only steel mill in the country which has not been allocated a captive iron ore mine, thereby deliberately impacting its profitability and using this as an excuse for handing over the assets to private investors.