Search the Internet          Tips  Sites: Finance, Investment

Govt to divest 13 PSUs by this fiscal year

Tara Shankar Sahay in New Delhi

The Cabinet Committee on Divestment on Thursday decided to divest 13 Public Sector Units by the financial year ending March 31, 2002, Union Divestment Minister Arun Shourie said.

Briefing reporters at the end of the meeting, he pointed out that Prime Minister Atal Bihari Vajpayee wanted strict adherence to the timetable set by the CCD, for which a group of minister has also been constituted.

"We will report to the CCD every month regarding adherence to the timeframe of the divestment of the 13 PSUs," he said.

Replying to a question on the status of Maruti Udyog Limited, Shourie said the road map prepared earlier by the government for the divestment of the car giant would be followed.

Referring to National Aluminium Company Limited (NALCO), the minister pointed out the CCD has, among other options, recommended that 30 percent of the government's 57 percent equity may be offered to the public.

Regarding the State Trading Corporation (STC) and Mineral and Metals Trading Corporation (MMTC), he said, Rs 1 billion would be transferred to the government kitty out of the company corpus of Rs 9 billion.

He said the government's equity in the Hotel Corporation of India would also be offered in the market and added that the divestment of Air India, till now handled by the civil aviation ministry, would now be handled his ministry.

The PSUs to be divested are:
Bharat Heavy Plates and Vessels Limited
Computer Maintenance Corporation
Hindustan Zinc Limited
Hotel Corporation of India Limited
IBP
Indian Petrochemicals Corporation of India Limited
Indian Tourism Development Corporation
Instrumentation Control and Valves
Jessop and Company Limited
Maruti Udyog Limited
National Newsprint and Paper Mill, Nepanagar
Videsh Sanchar Nigam Limited

Money
Business News

Tell us what you think of this report