Govt to push ahead with Hind Copper sell-off

NEW DELHI: Despite the Supreme Court verdict halting disinvestment in two oil retailing PSUs, the government has decided to go ahead with the privatisation of Hindustan Copper, setting aside concerns over the fate of units which were partially nationalised.
The disinvestment ministry has come around to the view that the HPCL-BPCL verdict would not apply to HCL as the order was specific to the two PSUs, sources said.
The ministry is reported to have cited the Balco judgment to buttress its claims.
It may be recalled that the government had nationalised the Indian Copper complex at Ghatshila in 1972.
However, according to legal opinion, since the unit was directly acquired by the government and then transferred to HCL, the process of disinvestment could proceed.
The disinvestment ministry, which had called for financial bids last month, was placed in an awkward position following the apex court ruling with concerns raised over the future of the process owing to uncertainty over the company''s Jharkand operations.
The verdict had raised questions over the route to be followed in case of nationalised units and had asked the government to obtain legislative approval for divesting stakes in two oil PSUs created by acts of Parliament.
Financial bids for the company would close towards the middle of the month.