Two men set themselves afire opposite Bombay House, the corporate office of the Tatas, in south Mumbai on Friday afternoon.
Anand Dalvi (90% burns) and Akhtyar Khano (60% burns) were taken to St George Hospital, police said. One Shivaji Hulan, who tried to save them, received minor burns.
Dalvi and Khano were members of the Tata Power Kamgar Union (Trombay), the police said.
They were among 73 workers whose services were terminated by the company a few years ago and they were yet to get their dues.
The duo had come to Bombay House along with Union leader Kailash Shinde, the police said.