Buoyed by big ticket privatisation of corporations like VSNL and IBP, the government has once again inducted national air carriers Air-India and Indian Airlines along with 16 other PSUs for privatisation after March 31, 2002. Others in the list of PSUs, which are on the anvil for disinvestment, include National Aluminium Company (Nalco), Shipping Corporation of India (SCI), Madras Fertilisers and National Fertilisers, according to Economic Survey presented by Finance Minister Yashwant Sinha in Parliament on Tuesday.
Commenting on the disinvestment policy of the government, the Survey said that privatisation of 10 PSUs, including Maruti Udyog (MUL), Hindustan Zinc, Indian Petrochemicals Corporation (IPCL)and ITDC would be completed during the current fiscal.
It has raised Rs 5573 crore from divestment of equity in various PSUs during the year as opposed to a target of Rs 12,000 crore set in last budget.
Telecom giant Videsh Sanchar Nigam (VSNL) accounted for Rs3,689 crore with IBP chipping in with Rs 1154 crore. As many as six PSUs including Bharat Brakes, Scooters India and Praga Tools were returned to Department of Heavy Industry as their were no bidders.
Stating that obstacles in the path of disinvestment had been resolved with Supreme Court decision in Balco case, it said the judgement was expected to pave way for accelerating way for disinvestment. Elaborating on policy for disinvestment of PSUs, it listed bringing down of government equity to 26 per cent or lower in non strategic undertakings, restructuring and revival of of potentially viable units and closure of others in addition to protection of workers interests.
Amongst other PSUs which are on anvil for disinvestment are Hindustan Cables, Hindustan Copper, STC, MMTC,MECON, Tungabhadra Steel Products, Engineering Project India and Hindustan Salts. Bureau Report