In a memorandum, the Indal Unions' All India Co-ordination Committee has pointed out that the Sterlite and Eastern Galvanising Private Limited bid for Indal shares could only succeed with the cooperation of the financial institutions. The financial institutions' stake in Indal is 36.06 per cent, compared to the public holding of 10.09 per cent.

The majority stake in Indal, of 34.62 per cent, belongs to Canadian aluminium major Alcan. The Indal unions' committee has announced plans of launching an agitation against the Sterlite bid next week.

The memorandum to the prime minister says, ``we firmly believe that if the plan succeeds, Sterlite-controlled by Mr Anil Agarwal- will engage in asset stripping...'' The Indal unions arealso apprehensive about Sterlite's ``managerial and technical capability'' to run Indal.

The Indal employees' unions have despatched copies of the memorandum to the union finance minister and the finance secretary, apart from Opposition leaders like Manmohan Singh of the Congress party and Geeta Mukherjee of CPI. The committee, representing 8,000 Indal employees, have appealed to Trinamool Congress chief Mamata Banerjee and West Bengal finance minister Asim Dasgupta as well, to help stall the ``takeover'' bid by Sterlite.