Mumbai, May 31: The Disinvestment Ministry is to approach the Union Cabinet with a proposal to sell more of government equity in VSNL, CMC and IPCL. "We are moving the Cabinet for further sale of stake in former PSUs where the performance has improved and workers feel secure under the new management", Union Disinvestment, IT and Telecom Minister Arun Shourie said on the sidelines of Maruti Udyog's roadshow on Friday.

Shourie said the Finance Ministry has also expressed a similar view and favoured a further reduction of the government's stake in former PSUs.
The performance of petrochemicals firm IPCL, where government sold a strategic holding to Reliance Industries Ltd, had improved considerably and similar was case with CMC, taken over by Tata group, he added.

The Union government had sold strategic stake in telecom company VSNL to Tata group last year. Bureau Report