DoD swings into action after favourable decision

NEW DELHI: The Disinvestment Ministry on Friday swung into action to restart the sell-off process, virtually halted due to controversies, after the meeting of the Prime Minister''s and his Cabinet colleagues on Thursday decided to go ahead with the disinvestment in the oil PSUs, HPCL and BPCL. The Ministry would now seek a meeting of the Cabinet Committee on Disinvestment (CCD) after December 11, a day when the core group of secretaries on disinvestment is scheduled to meet to sort out a number of pending issues including those relating to Hindustan Cables and the newsprint PSU, NEPA. Disinvestment Minister Arun Shourie is likely to take a proposal to the CCD on the quantum of HPCL equity to be put on the block for a strategic partner, to pave the way for seeking presentation from over a dozen bidders for becoming global advisors. Shourie summoned top ministry officials at his chamber despite the Eid holiday to take stock of the situation with the acceptance of a formula involving public offering of equity in BPCL and privatisation of HPCL through strategic sale route at Thursdayâ€™s informal meeting. Sources said that CCD was being suggested after December 11, keeping in view the December 12 polls in Gujarat, a factor cited by some of the participants at Vajpayee''s meeting for deferring a decision on oil PSUs for some more time. Disinvestment secretary Pradeep Baijal, along with three joint secretaries in the Ministry, were closeted with Shourie for over an hour, presumably to decide on the contents of the statement the Disinvestment Minister is scheduled to make in Parliament at the direction of Prime Minister. Wisner hails HPCL, BPCL sell-off Former US ambassador to India Frank Wisner on Friday welcomed the disinvestment programme of the government in state-owned HPCL and BPCL and said it will send good signals to the international community . Wisner, who was part of a US business delegation, said he was strongly optimistic after his meeting with senior government officials in Delhi of improved relations between the two countries in the field of IT, pharmaceuticals and bio-technology research. Though there was a level of risk in the world, at times complicated, India''s economy was showing signs of picking up and opening of industry would greatly benefit India, he told newspersons here. He said there was an urgent need for US and India to work together in securing data while sharing information in view of the prevailing cyber crimes. Wisner, who is the vice-chairman of AIG, the international insurance and financial services organisation, said the company was still looking to finding the right entry point for starting an asset management company and for credit cards business .

DoD swings into action after favourable decision

The Disinvestment Ministry on Friday swung into action to restart the sell-off process, virtually halted due to controversies, after the meeting of the Prime Minister's and his Cabinet colleagues on Thursday decided to go ahead with the disinvestm...

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