Rourkela (Orissa), June 25: Defence minister George Fernandes today backed the move for disinvestment of the National Aluminium Company (NALCO), saying it was not against the interests of the country, though he opposed divestment of oil companies.
''We should not oppose the disinvestment (of NALCO) as it is not against the country's interest,'' Fernandes said while addressing the fourth state level conference of the Samata Party here. Taking a different stand from the state party leaders who opposed NALCO's disinvestment, Fernandes, who is the Samata party president, said that those who felt it was not a good step had been harbouring a wrong notion and the matter needed to be clarified.
The funds being raised through disinvestment would be invested within the country, he emphasised.

Fernandes, however, said that his party was opposed to disinvestment of the oil companies which belonged to the strategic sector.

''If we face war in future, we will need oil to fight the battles,'' he said adding these companies should not go to private hands.

Hailing Prime Minister Atal Bihari Vajpayee's visit to China, he said china wanted friendship with India and there had been no trouble on Sino-Indian border during the three and a half years of NDA rule. Bureau Report