Maruti selloff settlement soon: Govt

new delhi: the government on saturday said that negotiations with suzuki motor on disinvestment in joint venture maruti udyog were in advance stages for determining premium for the proposed rs 400 crore right issue. asked if the negotiations had reached a stalemate, disinvestment secretary pradeep baijal said, "discussions are in advance stage... we hope to reach a settlement soon." a team of senior officials from smc are meeting indian side on day-to-day basis for working out the modalities and future premium for the rights issue, wherein government would renunciate its right to subscribe to the issue to lower its stake from present 50 per cent in the auto company. suzuki team has been camping in delhi for over two weeks and was in constant dialogue with the disinvestment ministry. asked for the time frame to finalise the renunciation and control premium, baijal said, "in negotiations such as this, it is impossible to give timeframe. but we are hopeful that things would work out soon." government, on february 12, started negotiations with suzuki for fixing premium for the ensuing rs 400 crore rights issue of mul, as the first step towards disinvestment in the joint venture auto giant. only after bringing down its equity to below 50 per cent through the rights issue before march 2002, government would put its remaining stake on the block in the next financial year.