The Hindu : Uma Bharti seeks debate on disinvestment

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Sunday, Sep 22, 2002

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Uma Bharti seeks debate on disinvestment

By Our Special Correspondent

NEW DELHI SEPT. 21. Uma Bharti, the Union Minister for Coal and Mines, today officially joined the on-going controversy over disinvestment of public sector units and increased limits on foreign direct investment by calling for a thorough debate on these issues.

Saying that she was not against disinvestment, she told presspersons after a meeting of the Mineral Advisory Council that disinvestment and foreign direct investment were sensitive issues, which had a bearing on the economy, and hence there should be no haste in taking decisions in such matters.

She also said that there should be public participation in the disinvestment process, which means that she would favour dispersed holding of public sector equity by the public, instead of strategic sale where management control got transferred to another party.

The Minister also felt that a situation should not arise through disinvestment by which a Government monopoly gets replaced by a private monopoly.

Ms. Bharti also said that modalities for disinvestment should be jointly worked out by the administrative Ministry concerned, the Department of Disinvestment and other departments of the Government. Incidentally, the views of the Minister coincide with the views of those who opposed the disinvestment of oil companies at a Cabinet meeting last week.

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