Proposal to Cabinet for residual shares' sale in CMC, VSNL

BANGALORE: The Disinvestment Ministry planned to submit a proposal to the Union cabinet for sale of residual shares held by the Government in CMC, VSNL and IPCL, Union Disinvestment Minister Arun Shourie said.
"We are sending a proposal to the cabinet," Shourie told reporters on Monday night
Tata Consultancy Services holds majority stake in CMC, Tata Sons in VSNL and Reliance in IPCL with significant stake held by financial institutions and the public.
Asked about the letter by Tata Sons chairman Ratan Tata on issues related to VSNL with BSNL and MTNL, Shourie said he would soon report to the Finance minister with specific proposals.
"BSNL and MTNL are talking to VSNL...and other infrastructure providers would also be in the picture," he added.
On Union Railway Minister Nitish Kumar''s request for MTNL and BSNL to invest in Railtel, Shourie, who also holds the IT and Communications portfolio, said MTNL had expressed its difficulty to invest. "I have reported MTNL''s decision to Nitish Kumar," he said.
Shourie added that BSNL had already entered into a MoU with Railtel to use the latter''s infrastructure to enlarge its coverage to inaccessible parts of the country.
"Though BSNL will not invest in Railtel, they are going to leverage its infrastructure to further its reach," he said.