Employees and contract labourers of Kamarajar Port Ltd, India’s only corporatised major port, have opposed any move by the government for strategic stake sale.
Around 100 employees today morning held an hour-long protest outside the port’s main gate at Ennore, north of Chennai, to oppose the government's move for strategic disinvestment.
“This is the first step in our battle to save the port from being sold to a private player,” said a port officer.
“We are shocked by the government’s decision to go for strategic sale of a highly profitable port that is worth over ₹20,000 crore,” he told
Kamarjar port, 12th Major Port, is a role model landlord major port for other ports to emulate. It is the only port that is functioning without any grant/aid from the Centre but paying dividend every year to the Government of India, said another officer.
In 2016-17, the port had reported a net profit of ₹480 crore on revenues of ₹640 crore.
Kamarajar Port is likely to pay a dividend of around ₹90 crore to the Government of India, which holds 67 per cent stake in the port and the balance 33 per cent is held by Chennai Port Trust.
The employees protested from 9 am to 10 am to ensure there was no disruption to routine work, said an official.