HOME   
   NEWS   
   BUSINESS   
   CRICKET   
   SPORTS   
   MOVIES   
   NET GUIDE   
   SHOPPING   
   BLOGS  
   ASTROLOGY  
   MATCHMAKER  


Search:



The Web

Rediff








Business
Portfolio Tracker
Business News
Specials
Columns
Market Report
Mutual Funds
Interviews
Tutorials
Message Board
Stock Talk



Home > Business > Business Headline > Report

Govt okays sale of 51% RCF pie

April 15, 2003 21:16 IST

The Cabinet Committee on Divestment on Tuesday approved the proposed strategic sale of 51 per cent of equity in Rashtriya Chemicals and Fertilisers Ltd in which the government has a stake of 92.5 per cent.

The divestment had earlier been withheld, pending finalisation of the fertiliser pricing mechanism.

The CCD also gave the green signal for privatisation of Instrumentation Control Valves Ltd to Larsen and Toubro which had quoted Rs 16.20 crore (Rs 162.5 million), against the reserve price of Rs 10.58 crore (Rs 105.8 million).

The land dispute with the Kerala government would be sorted out by the Board for Industrial and Financial Reconstruction.

The proposed divestment of Shipping Corporation of India would be reinvigorated. The government would sell 51 per cent of the equity with no ceiling on foreign equity.

Earlier, there were two bidders -- Essar and Sterlite -- for the SCI.

The process would be gone through once again now. Except the removal of the ceiling on foreign equity, all other conditions would remain and the advisers would also continue.

UNI



Article Tools

Email this Article

Printer-Friendly Format

Letter to the Editor



Related Stories


'Sell 30% PSU equity to public'

HMT divestment decision soon

Balmer Lawrie sale to be finalised



People Who Read This Also Read


Murthy against caste-based quota

A-I, IA not to be divested

Trai puts rider ahead Reliance







HOME   
   NEWS   
   BUSINESS   
   CRICKET   
   SPORTS   
   MOVIES   
   NET GUIDE   
   SHOPPING   
   BLOGS  
   ASTROLOGY  
   MATCHMAKER  
© 2003 rediff.com India Limited. All Rights Reserved.