Sena not opposed to MUL privatisation, says Shourie

By Our Special Correspondent

NEW DELHI, NOV. 26. The Disinvestment Minister, Mr. Arun Shourie, today said the Shiv Sena did not oppose privatisation of Maruti Udyog Limited (MUL) but is concerned at foreign companies taking over the Indian units.

Mr. Shourie, who spent several hours on Saturday talking to the Sena chief, Mr. Bal Thackeray, in Mumbai, said the party leader was concerned over foreign companies making their entry into the country through acquisitions rather than greenfield investments. ``This is a widespread sentiment in this country,'' he pointed out since India has a well developed industrial class. With the spate of mergers and acquisitions taking place, the view is that many Indian concerns are being subsumed by multinational conglomerates.

Mr. Shourie felt Mr. Thackeray's concerns were pertinent, but said that there was no opposition by the Sena leader to the specific MUL case. As for the Heavy Industry Minister, Mr. Manohar Joshi's statement that no decision had been taken as yet to privatise MUL, Mr. Shourie said this was probably meant to emphasise that a formal decision would be taken only after the committee of secretaries examines the various options for disinvestment.

He said the Cabinet Committee on Disinvestment had decided to set up the committee of secretaries to recommend optimal ways of disinvesting in MUL within 15 days. Thus the final decision still had to be taken after their suggestions were given to the Government.

The Minister, addressing media at the India Economic Summit organised by the World Economic Forum and the Confederation of Indian Industry (CII), indicated that more significant decisions relating to disinvestment would be taken by the CCD at its next meeting on December 23.

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