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Heavy Industry Minister favours disinvestment

By Our Special Correspondent

NEW DELHI Sept. 3. Yet another Minister expressed himself in favour of selling government equity through the public issue route even as the Prime Minister held a meeting of senior Ministers today to discuss disinvestments, among other things.

The Heavy Industry and Public Enterprises Minister, Balasaheb Vikhe Patil, declared that he was in favour of disinvestment of public sector undertakings under his Ministry by selling 25 per cent of equity through open market sale. Speaking to presspersons, he said the Government was keen on divesting 25 per cent shareholding in all undertakings under the Heavy Industry Ministry. This could gradually be raised to 49 per cent.

Mr. Patil said he was in favour of public issues as it led to better market valuation. As for the `navaratna' Bharat Heavy Electricals Limited (BHEL), which came under his Ministry's purview, he said the Government would soon come out with a public offer. But he did not indicate the percentage of equity proposed to be divested. An inter-ministerial task force had been set up under the Heavy Industry Secretary, B.N. Jha, to prepare a road map for BHEL, including improving profits and exports.

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