Business Line reported that unions in the Visakhapatnam steel plant have postponed the proposed two day strike in protest against disinvestment from June 27 & 28 to July 31 and August 1 in view of the major accident in the plant which occurred last Wednesday.

The unions said the decision was taken as it was felt the management should be given time, in the aftermath of the major accident, to take up confidence-building measures and other steps for improving safety in the plant.

The Union Government and the RINL board have decided to offload 10% of the equity, but the unions are stiffly opposing the move. The unions have decided not to participate in the road shows for the proposed initial public offering (IPO) of the Rashtritya Ispat Nigam Limited. The unions fear that ultimately it may lead to the privatisation of the company.

Source - Business Line

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