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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: angra manyu who wrote (1238)	6/1/1998 10:02:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

Government to divest up to 74 per cent in most state-owned units Krishnakoli Dutta in New Delhi [source:Business Standard] The government Monday announced its decision to reduce its shareholding in most state-owned undertakings (PSUs) to 26 per cent, except for those state-owned enterprises that involve strategic considerations where the government will continue to retain a majority holding. The government has also decided to bring down its shareholding in the domestic national carrier Indian Airlines to a minority level of 49 per cent in a phased manner over three years. In its maiden budget presentation, the BJP-led government at the Centre announced a PSU disinvestment target of Rs 5,000 crore (Rs 50 billion) against the budgetary target of Rs 4,800 crore set by former Union finance minister P Chidambaram last year. Faced with a shortfall of public sector disinvestment proceeds of Rs 3,894 crore against the budgetary target in 1997-98, the government has decided to accelerate the PSU disinvestment process by divesting a specified quantum of its equity holding in three navaratnas - Indian Oil Corporation, GAIL, and VSNL - and the public sector undertaking Concor. Announcing these decisions in his budget speech yesterday, Union finance minister Yashwant Sinha also announced the government's resolve to close down certain unviable and unrevivable PSUs, and sell its assets to pay off pending liabilities. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Krishna and all: This news I like.