Govt invites India Inc to participate in PSU sale

By SiliconIndia   |   Thursday, 28 October 2004, 07:00 Hrs
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NEW DELHI: Inviting private sector to participate in the disinvestment programme, Finance Minister P Chindambaram on Thursday said a Board for Reconstruction of Public Sector Enterprises (BRPSE) would be set up soon.
Asking private companies to enter into joint venture partnership with PSUs and bid for ailing Government-owned companies, he said: "BRPSE will take up some companies for their restructuring... Some companies will look for private strategic joint ventures ...Some companies will be closed down or sold."

"This will provide you (India Inc) the opportunity to take up the challenge," he said at CII annual national conference.

The Finance Minister said the proposed investment commission would not be a regulatory body but a proactive entity that would attract foreign and domestic investment, which was key to higher growth.

Chidambaram said the Government has already announced setting up of a National Manufacturing Competitiveness Council and second to come is the BRPSE.

Highlighting the emerging opportunities for private sector in the country, he said when Government commits public funds in social sectors, the space for private sector is actually enlarged in sectors like steel, coal, IT and telecom sectors.



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