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NFL divestment runs into rough weather

Amid controversy over privatisation of oil giants Bharat Petroleum Corporation and Hindustan Petroleum Corporation, divestment of fertiliser leader NFL is up against a wall with Fertiliser Minister S S Dhindsa asserting he will make all efforts to prevent its immediate sale.

"It is my responsibility and duty to ensure that the profit making National Fertilisers Limited is not privatised at least during the next one year", Dhindsa said after inaugurating the annual day celebrations of NFL in New Delhi.

Disfavouring privatisation of NFL at this juncture, the minister said he would make all efforts to prevent immediate divestment of the 29-year old public sector fertiliser company "which has been playing a crucial role in providing timely nutrients to the farmers at reasonable prices."

At the same time, the employees of the company must contribute their best to substantially enhance performance and register impressive profits which could play a significant role for the organisation to remain a public sector undertaking, he said.

Now, a major hurdle in NFL's divestment appears to be the delay in the formulation of the much-awaited long-term fertiliser policy, which is yet to see the light of the day despite the promise given about two years ago by the government.

Sources said prospective bidders are expected to examine the impact of the long-term policy while making detailed assessment of the company.

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