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Govt to wrap up Maruti, IPCL sell-off in one month

The government will wrap up stake sales in two state-run firms, carmaker Maruti Udyog Ltd and Indian Petrochemicals Co Ltd, within a month, Divestment Secretary Pradip Baijal said on Wednesday.

Maruti is India's largest carmaker, in which the government and Japan's Suzuki Motor Corp hold 50 per cent each. The two sides are in talks to determine the price for the transfer of management control to the Japanese small car giant.

The government, which holds a 59.75 per cent stake in Indian Petrochemicals Company Ltd, the nation's No 2 petrochemicals producer, plans to sell a 26 per cent strategic stake.

Baijal told reporters the government would also decide on naming the global adviser for state-run National Aluminium Company in a week's time and those for refining giants Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd in about 10 days.

So far this year the government has successfully sold large chunks in several state firms in the telecoms and petroleum sectors to private and other bidders. As a part of its privatisation drive, the government intends to raise Rs 120 billion through stake sales in the current year to March 2003.

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