Oil India Ltd not to be disinvested, says Shourie

By siliconindia   |   Thursday, 07 August 2003, 19:30 IST
Printer Print Email Email
NEW DELHI: Government on Thursday informed Rajya Sabha that Oil India Ltd is not to be disinvested and Government's equity will not be reduced below 51 per cent in IOC, ONGC and GAIL. "Oil India Ltd is also not to be disinvested," Disinvestment Minister Arun Shourie said in a written reply when asked if there was any change in the disinvestment policy specially with respect to profit-making PSUs. While denying there was any change in policy, Shourie said all non-strategic central PSUs, whether profit making or loss making, are to be disinvested. "However, government has decided that in the case of IOC, ONGC and GAIL, government shareholding would not be reduced below 51 per cent," he added. On whether Jessop Company Ltd disinvestment has been cleared by the Calcutta High Court, he replied in the affirmative. "Jessop & Co Ltd Staff Association has filed a Special Leave Petition before the Supreme Court. No stay has been granted by the Supreme Court," Shourie added.