CHENNAI: Strongly opposing the union government’s decision to further disinvest its equity in the Neyveli Lignite Corporation (NLC) in the state, Chief Minister C Joseph Vijay on Thursday urged Prime Minister Narendra Modi to reconsider the latest move.
Till March 31, 2026, the centre is holding a 72.2% stake in the company. If 3% stakes are disinvested, the centre’s stakes in the Navratna Public Sector Undertaking will go down to 69.2%.
Expressing deep concern about the union government’s decision to proceed with the proposed disinvestment of up to 3% of its equity in the NLC through an Offer for Sale, comprising a 2% base offer and a 1% green-shoe option, as notified, the CM, in his letter to the PM, pointed out that Tamil Nadu has been consistently opposing the reduction of centre’s shareholding in the NLC.
The CM said NLC India is not merely a listed company but a strategic national asset engaged in energy security, mineral development and critical infrastructure. “Any further dilution of the centre’s equity, however limited, sets an undesirable precedent in respect of public ownership of such strategically significant enterprises.”
The CM recalled that NLC, headquartered at Neyveli, TN, has been built over several decades on land acquired through the state machinery, supported by extensive administrative facilitation, infrastructure development, rehabilitation measures and the cooperation of the people of Tamil Nadu.
