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Balco management considering lock out

Bharat Aluminium Company (Balco) said Wednesday it was considering declaring a lock out in the face of ongoing strike by unions opposing privatisation of the aluminium major.

This option was discussed at the first meeting of the reconstituted board after the government sold 51 per cent stake to Sterlite Industries earlier this month.

Briefing reporters after the meeting new Balco Managing Director S C Krishnan said lock out was one of the several options available with the management to resolve the industrial dispute.

Asked what steps the management was contemplating to put an end to the impasse, he said, "I have briefed the Balco board about the current situation prevailing in Korba and the strategy to be adopted. He, however, refused to divulge details saying "The solution to the problem cannot be discussed at this stage given the sensitive nature of the issue".

Krishnan said the management had invited the labour unions to discuss the matter on Wednesday but the offer was rejected. The unions communicated that they would prefer to hold talks only at Korba.

Krishnan said no production was taking place at the plant but refused to disclose the extent of the losses incurred by the company as a result of the strike ever since transfer of majority stake to Sterlite on March 2, 2001.

"The longer it takes to restore normalcy the greater will be the damage to the plant and the company," he said.

Krishnan said he was hopeful of finding an amicable solution to the crisis stating that his priority was to restore normalcy to the plant.

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