JA front to organise propaganda against CSL privatisation

Kochi:  The Cochin Shipyard Joint Action Front will organise a propaganda against the move of privatisation of the profitable run Cochin Shipyard by selling its shares to corporates.

Informing this at a press conference here, Front General Convener P Rajiv, former MP, alleged that the centre was trying to sell the profit making PSUs to the private sector in the name of mobilising funds for its development.

Categorically rejecting the government's claim the move was to mobilise fund, he said this was totally false as the company had enough reserve money also being earned profit each and every year.

Stating that there was no need to sell the shares, he said if the government wanted to raise fund, they could take loan from banks, if the reserve money was not sufficient for the purpose.

He further said that the workers union will check any such moves of privatising the profit making PSUs at any cost.

The Union leader also suggested that the central government should place order from Navy, Coast Guard and other government institutions for making ships, as the Cochin Shipyard had enough capacity to build huge ships, pointing out the construction of the first indigenous aircraft carrier at the ship yard.