Government mops up Rs 8,660 cr from disinvestment in '02

NEW DELHI: The total disinvestment realisation of the government during 2002 topped Rs 8,660 crore. The cabinet committee on disinvestment (CCD) had cleared transactions worth Rs 6,168 crore during the year.
A big chunk of the realisation came in form of special dividends and dividend tax, with VSNL alone contributing around Rs 2,250 crore, according to a disinvestment ministry statement issued here on the ministry’s performance during the year.
STC and MMTC contributed Rs 40 crore and Rs 60 crore respectively in a special dividend during the year.
Incidentally, while most dividend declarations by VSNL were made in 2001, the ministry has accounted for the entire receipts in ’02. The year also saw bidders for some hotels — the bids of which had been cleared by CCD in ’01 — pay up during the year.
Ajit Kerkar paid up Rs 153 crore for Juhu Beach Centaur, Mumbai, during the year although the bid was approved in ’01. Sale money for Ashok hotels in Agra, Bodhgaya, Mamallapuram and Madurai and Hotel Corporation’s Rajgir property were also received in ‘02.
The proceeds in the fiscal year ’02-03 has been just a little more than Rs 3,200 crore. The disinvestment ministry is optimistic of realising atleast Rs 1,442 crore before the end of this fiscal from the Maruti public issue and transfer of Jessop.
Jessop sale to Ruia Cotex has already been cleared by the CCD, but the transfer of ownership has not taken place. Among the companies which may see change of hand are Hindustan Organic Chemicals, Engineers India and State Trading Corporation.