Workers Plan to Strike in Protest of Coal India Share Sale

Bloomberg reported that a strike may be looming for workers protesting the Indian government’s plans to raise $3.7 billion by selling shares Coal India.

As quoted in the market report:

The stoppage will squeeze supplies to Indian power plants, cement and steel factories. Coal India, which missed its output target for the year ended March 31, is battling law and order problems, labor unrest and delays in acquiring land and mining approvals to boost production and avoid resorting to imports to meet contracts. A peak shortfall of 9 percent in electricity supplies leads to outages that shave about 1.2 percentage points off the $1.8 trillion economy, according to the government.

To view the whole Bloomberg report, click here.