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Balco strike to end soon: MD

The new managing director of Balco, S C Krishnan, said on Tuesday that following his talks with Chhattisgarh Chief Minister Ajit Jogi, he was confident that the indefinite strike at the plant by its workers would end soon.

Talking over the phone from Korba, he expressed hope that production would resume soon and added that there was no move either to declare a lock-out or to retrench some employees.

Referring to Chhattisgarh government's offer of Rs 5.52 billion to purchase 51 per cent share in Balco, Krishnan said the Sterlite group had not committed any mistake by purchasing 51 per cent shares of Balco and added that this was being opposed as it was the first time that divestment had taken place in a profit-making company.

Denying that the new management had illegally closed down the Balco plant without declaring a lock-out, he said the smelter plant was switched off on the advice of experts who felt that not doing so may lead to a fire.

Informal talks were being held with the striking employees and efforts were on to create an atmosphere conducive to bring an end to the strike, which entered the 11th day on Tuesday, he said.

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