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CCD meet postponed to Jan 18

A crucial meeting of the privatisation panel due on Tuesday to discuss the sale of government stakes in two state-run companies has been postponed to January 18, Divestment Minister Arun Shourie said.

The cabinet committee on divestment, headed by Prime Minister Atal Bihari Vajpayee, was to have discussed issues concerning the privatisation of fertiliser firm Paradeep Phosphates and engineering firm Jessop and Co Ltd.

But Shourie told reporters on Monday that the meeting would now be held on January 18 as some members of the panel were unlikely to be able to attend Tuesday's meeting.

"The Home Minister is also coming back (from the US) tomorrow. He won't be probably there," Shourie said.

India's privatisation programme, which began in early 1991, has gathered pace in recent months after the government managed to sell controlling stakes in several state-run companies to private strategic partners.

Last October, the government sold controlling stakes in software and computer maintenance firm CMC Ltd and telecoms gear maker Hindustan Teleprinters Ltd for Rs 2.07 billion.

It is now close to wrapping up the privatisation of telecoms giant VSNL and oil marketing firm IBP Ltd.

Shourie said the government, which hopes to raise 120 billion rupees from privatisation this year, was committed to selling its stakes in 13 companies it had identified.

"The finance minister is satisfied with the work that is being done. There have been some suggestions on expediting the work which would be put at the 18th meeting," he said.

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