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Fernandes for review of sell-off drive
By siliconindia
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Thursday, 14 November 2002, 20:30 IST
NEW DELHI: Indian Defence Minister George Fernandes on Thursday sought a mid-term review of the country's privatisation drive.
"I am seeking a review of the privatisation process," Fernandes told reporters. "My view of disinvestment is that a mid-term review is needed and course correction steps -- if needed -- should be taken."
The process was stalled in September when the government delayed sales of stakes in two oil firms -- Hindustan Petroleum Corp and Bharat Petroleum Corp -- for three months due to divisions within the cabinet over the sell-offs.
Fernandes believes the privatisation process must not lead to the emergence of private monopolies.
He said India has said it hopes to raise Rs 12000 crore ($2.5 billion) through stake sales in state-run firms in the fiscal year ending March.
He said he would present his views on the subject to the government soon.