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More investment, no retrenchment in Balco: Sterlite

Undeterred by opposition from Chhattisgarh Chief Minister Ajit Jogi and labour unions to privatisation of Balco, Sterlite Industries on Saturday promised massive investment in the newly acquired PSU and said there would be no retrenchment of the 7000 strong workforce.

"I would like to remove any kind of fear from the minds of the employees of Balco, regarding job security. We are against retrenchment of employees," Sterlite chief Anil Agarwal, who took over as chairman of Balco after acquiring 51 per cent stake for Rs 5.51 billion said.

He refused to be drawn into controversy over Jogi's allegations of kickbacks and threats like cancellation of mining lease of Balco and stoppage of water and electricity in case the centre did not reconsider its decision.

"Mr Jogi is not against privatisation of BALCO or against Sterlite. His objections mainly relate to valuation."

Meanwhile, Jogi said that he would disclose the names of beneficiaries of the Rs 1 billion alleged kickbacks in the controversial deal before a parliamentary probe committee. He added that state government would also 'soon' move the Supreme Court (SC) against 'violation' of land laws resulting from privatisation of the aluminium giant.

"I would like to be a global ambassador for Chhattisgarh to ensure flow of more and more investment either ours or through ancillaries. I assure that we are also not interested in taking away anything from Balco. We will not move out a single penny from Balco," he said when asked about the fears of asset stripping.

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