This will affect the livelihood of approximately 8,000balco employees directly and about two lakh tribal population of the area indirectly a release said here today.

Employees have requested to stop the sale immediately.+since the stock market is tumbling, the government does not seem to gain much from this act and a profitable public sector company will be sold at a lower price which is not only PLoss of the company but National loss+, it said.

The government is consideriog selling 40 per cent of itsstake in balco to a strategic partner and has already appointed jardine flemming as global advisors to find a strategic partner.

While disinvestment commission has suggested sale of 51per cent government stake in balco to a strategic partner with transfer of sЧagement in thqfirst stage, instead of its earlier recommendation to offer 40 per cent to a strategic buyer. Since balco is having surplus funds the same can beutilised for buying back of shares+ the release added.

The Union is of the view that the sale of balco is beingmooted by vested interests in the government.