HPCL staff threatens to block sell-off

Thursday, 06 February 2003, 20:30 IST
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NEW DELHI: The employees of state-owned Hindustan Petroleum Corporation Ltd (HPCL) has threatened to block valuation of the company assets by interested strategic buyers of the government's 34 percent stake. In a memorandum to Petroleum Minister Ram Naik opposing the privatisation of the oil major, HPCL management staff association Ashok Singh urged a review of the government decision. "We have submitted a strike notice to Naik. We will not allow due diligence to be done under any circumstances," Singh told reporters after meeting the minister here Wednesday. Singh, who is also president of the Oil Sector Officers Association, said all the state-owned oil companies would go on strike to support HPCL staff. "The global adviser for privatisation will not be allowed to come near our buildings," Singh said. The government is planning to divest stakes in HPCL by selling its 34 percent equity. It also wants to sell its 35 percent stake in Bharat Petroleum Corporation Ltd (BPCL) through domestic and overseas listings. Last year employees of the National Aluminium Company (NALCO) blocked due diligence by bidders, following which the government was forced to temporarily shelf plans of disinvestments.
Source: IANS
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