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Divestment of 11 PSUs welcomed

Our Bureau

NEW DELHI, June 23

THE Confederation of Indian Industry (CII) has welcomed the Cabinet's `in-principle' clearance for the proposed disinvestment of 11 public sector undertakings (PSUs) in the current fiscal. It has also expressed happiness that the Cabinet aims to complete the disinvestment of Air India, Indian Airlines, ITDC, Balco and IPCL this year.

``The Government's proposal to consider a long-term plan for disinvestment is encouraging. The Cabinet Committee on Disinvestment's decision to go ahead with disinvestment at such a large scale is a welcome sign that the disinvestment programme is firmly on track,'' the chamber has said.

Further, it has said that it was encouraging that the Government is now looking at selling large stakes in companies to truly privatise them, instead of selling small stakes to raise revenue.

``The announcement today indicates that the Government is keen to undertake a transparent process of disinvestment," the chamber has said.