The AIADMK government scored
a political victory as the stand-off over disinvestment in Neyveli Lignite
Corporation ended and the unions called off their strike. In a move facilitated
by the Centre, TN is now set to buy a 3.56% stake in NLC for Rs.500 crore and
stall the entry of private investors.
In a first-of-its-kind
transaction, the Centre and the Securities and Exchange Board of India
Chief Minister J Jayalalithaa
called Prime Minister Manmohan Singh and thanked him for his cooperation in
resolving the crisis. An official press release
said Singh told the CM that he
had always enjoyed a cordial relationship with the TN government. The alacrity
with which the Centre responded to TN’s unusual proposal to buy NLC shares set
off speculation that the UPA government is cozying up to the AIADMK to build a
relationship in the run-up to the Lok Sabha elections.
Responding to a call from
Jayalalithaa, NLC employees ended their strike and returned to work.
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