Not against EIL, Balmer Lawrie sell-off: Naik

NEW DELHI: Petroleum Minister Ram Naik on Wednesday said he had no reservations on the privatisation of Engineers India Ltd (EIL) and Balmer Lawrie and that he had cleared their strategic sale six months ago.
"I had cleared sale of EIL and Balmer Lawrie six months ago. EIL is in final stages of disinvestment and there is no question of any difference of opinion on the mode of disinvestment," Naik told reporters.
Naik, who had vehemently opposed strategic sale of government equity in refining and marketing companies Bharat Petroleum and Hindustan Petroleum, said the government would get out of the engineering consultancy firm by the end of current fiscal.
Asked about the Cabinet Committee on Disinvestment (CCD) decision to postpone decision on privatisation of HPCL and BPCL, he said "the decision has been deferred. (Disinvesment policy in oil sector) will be discussed and some decision will be taken after three months."
Naik''s comments on Balmer Lawrie assume significance in the light of the Petroleum Ministry moving a Cabinet Note for hiving-off non-core business of the company before its privatisation.
The Oil Ministry wanted hiving-off of Balmer Lawrie''s Container Freight Stations (CFS), travel and tours, leather chemicals and tea blending and exports divisions into separate subsidiaries while the Disinvestment Ministry has invited express of interest for sale of the entire 61.8 per cent government equity in the company.