Coal India's new chairman Suthirtha Bhattacharya said the strike has been called off with immediate effect.
Coal workers have called off their nationwide strike after two days, as the government assured trade unions that state-run Coal India (CIL) will not be privatised and the employees' interest will be protected.
"CIL will be protected and there need be no apprehension about its ownership or management going into private hands," Coal and Power Minister Piyush Goyal told reporters after an over six-hour-long marathon meeting with the trade union leaders. CIL's newly-appointed chairman Suthirtha Bhattacharya also said that the strike has been called off with immediate effect.
In an interview to CNBC-TV18, Bhattacharya said the committee will take into account the views of the unions and there will be constructive discussions.
Below is the transcript of S Bhattacharya's interview with Ashmit Kumar on CNBC-TV18.
Q: On latest development…
A: There is an ordinance, there have been certain reservations, the honorable minister has explained and now there is a committee which will deliver it into detail. The committee will take into account and unions will also have their views and there will be constructive discussions.
Q: On the issue of divestment that was something on which the coal union leaders had expressed number of concerns. Is that also something that is a part of the mandate as far as the committee is concerned or will that be handled separately or has that issue already been resolved?
A: That question was asked in the press conference and it was clarified that due to Sebi regulations a certain amount of disinvestment is necessary. The disinvestment that is being planned by the government as owner is on account of compliance with the regulations.
Q: What are the terms of engagement for this committee and is there a timeline that has been set within which all the stakeholders will be working?
A: The agreement has taken place and I am sure the ministry will come out with a credible stance of reference and I am sure it will be expeditiously done, that is what the minister said, it has to be done very fast.
Q: Would you like to put a number to the losses that were suffered over these two months and how confident are you of recovering those losses by way of increased production going forward?
A: Already people are going back to work and with assurance given that all losses will be made up I look over the financial year for a company to see whether there is a profit and loss and I am sure there will be no loss.
Coal India stock price
On January 06, 2015, Coal India closed at Rs 378.40, up Rs 3.50, or 0.93 percent. The 52-week high of the share was Rs 423.85 and the 52-week low was Rs 240.50.
The company's trailing 12-month (TTM) EPS was at Rs 21.06 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 17.97. The latest book value of the company is Rs 26.04 per share. At current value, the price-to-book value of the company is 14.53.
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