Chennai: Chief minister C Joseph Vijay on Thursday urged Prime Minister Narendra Modi to reconsider Union govt’s proposed disinvestment of up to 3% stakes of NLC India Ltd. In a letter to the PM, Vijay said any further dilution of Union govt’s stake would undermine the public sector undertaking’s strategic character and weaken long-term public ownership.“Tamil Nadu opposes further dilution of Union govt’s equity in NLC India Ltd. NLC is not merely a listed company but a strategic national asset engaged in energy security, mineral development and critical infrastructure. Any further dilution sets an undesirable precedent and raises concerns that extend beyond financial considerations to the long-term interests of the state, its people and the nation’s energy security,” Vijay said. He added that NLC was intrinsically linked to Tamil Nadu through its origin, growth and continuing operations. Headquartered in Neyveli, the company operates its key lignite mines and major pit-head thermal power stations in the state.He said the PSU was built over decades on land acquired through the state’s machinery with administrative support, infrastructure development, rehabilitation measures and the cooperation of the people of Tamil Nadu. Recalling the state’s long-standing opposition to dilution of the Centre’s stake in the company, he said public sector enterprises established and expanded with sustained support from the host state should remain under effective govt ownership and control.
