New Delhi, June 30: Government is likely to sell its residual stake in privatised firms like VSNL and CMC to the strategic acquirers soon, Disinvestment Minister Arun Shourie said today. "That has certainly been a proposal in our mind. We have done some work on VSNL in telecom because government is fast loosing the value of its holdings and in another case in CMC, it is a gaining," he told reporters here on the sidelines of a function on a stamp release function. "Where the companies have stabilised and the government is satisfied that under the new management, the companies are doing well, then there is no reason for the government to continue," he said.
Government currently holds just over 26 per cent in CMC and VSNL, which were last year sold to the Tatas. At current market prices, the stake sale, the two companies could fetch the government close to Rs 1100 crore. "So for that reason, we have examined the cases and I hope that this matter would come up before the CCD in one form or the other," he said.
As per the agreement to sell its stakes to strategic investors, the government has a put option to sell its residual stakes within three years of the sale.
"IPCL is also one of the concern. But we have to study those cases which are maturing and I hope to raise the general question of policy and may be one of the case will be ripe, may be CMC," he added.