Trade unions at Coal India Limited (CIL) have put off a three-day workers strike from September 23 to December 17, after a meeting with company officials, according to news report.

The CIL's five trade unions had earlier served a strike notice to protest against the government's plan to sell off five percent of the company's equity. The company’s official said that the divestment should go through now.

Coal India, which accounts for about 80 percent of India's coal output, has missed its production target so far this year.

The government hopes to sell the Coal India stake as part of a divestment target to raise Rs 40,000 crore from stake sales in the current fiscal year, as it looks to trim the fiscal deficit. India sold a 10 percent stake in the world's largest coal miner in 2010.

Meanwhile the All India Coal Workers Union general secretary Jibon Roy said that they will utilise this time for possibility of further negotiations. “It is not easy to hold together six lakhs workers. We will make use of the time to rebuild the unity,” he said.

“We want the management to clarify what is on their mind. There have been rumours that there will be restructuring of the company. The management has assured us that for the time being that is just a theoretical proposition,” he added.