No time frame for BPCL, HPCL disinvestment, says Shourie
Our
Economy Bureau
10 December 2002
New
Delhi: Union Minister for Disinvestment Arun Shourie
has said the government will sell its shares in Bharat
Petroleum Corporation (BPCL) through the public offer
route while Hindustan Petroleum Corporation (HPCL) will
be privatised through a strategic sale.
Shourie
also said the government will ensure that disinvestment
does not result in creation of private monopolies. It
will address this crucial aspect of disinvestment, raised
by Defence Minister George Fernandes and Petroleum Minister
Ram Naik through the enactment of Competition Bill, 2002,
which was cleared by the Union Cabinet recently.
The
government, however, has not set a timeframe for divestment
in these two firms as the modalities on the quantum of
strategic sale and public offer will now have to be finalised
and submitted to the Cabinet Committee of Disinvestment
for approval.
