Indian coal workers end strike after government promises no privatization of Coal India

MarketsAssociated Press

Around half a million coal workers in India called off their strike following an assurance by the government it wouldn't sell state-run Coal India Ltd. to private investors.

They ended their protest late Wednesday after Coal and Power Minister Piyush Goyal assured them that Coal India, which accounts for 80 percent of India's coal production, would not be privatized and the interests of workers would be protected.

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The two-day strike hit supplies to nearly 100 coal-fired power plants across the country. Most coal-fired power plants have stocks of coal to last up to four days.

Five coal industry unions started went on strike Tuesday expressing fear that privatization would lead to illegal mining and lowering of wages. They threatened to strike for five days.