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Topic: Disinvestment

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	Disinvestment - A Backdoor Privatisation (Site not responding. Last check: 2007-10-20)
		However, the recently announced decision of the central government to disinvest 10 per cent of its equity in BHEL is a blatant violation of this commitment.
		Despite opposition of the central trade unions and the Left parties, the government nonchalantly went ahead with the proposal and showed utter disregard to the fact the central government is surviving due to the solid support given by the Left parties on the assurance that it would adhere to the commitment given in the CMP.
		Disinvesting such a well-run and profitable undertaking is hitting at the interest of the national economy.
	pd.cpim.org /2005/0703/07032005_pandhe.htm (1174 words)

	The after-shock of Multinational Capital Disinvestment
		They were then used to ascertain whether the disinvestment had affected their ability to support their customer base once they had lost the flexibility of having a manufacturing process on-hand.
		Disinvestment is a tool of the organisation and as such can be used to fix a number of ills, be they actual or perceived.
		Disinvestment is a major corporate strategy and the diverse set of conditions and factors that underlie divestment decisions are more than just simply one to rid a firm of an encumbrance.
	homepages.paradise.net.nz /~chriswag/thesis.html (2824 words)

	Oil disinvestment, privatization, PSUs, Public Sector Undertakings (Site not responding. Last check: 2007-10-20)
		Disinvestment would expose the privatised com-paniesto market discipline, thereby forcing them to become more efficient and survive on their own financial and economic strength or cease.
		Disinvestment would have a beneficial effect on the capital market; the increase in floating stock would give the market more depth and liquidity, give investors easier exit options, help in establishing more accurate benchmarks for valuation, pricing, and facilitate raising of funds by the privatised companies for their projects or expansion, in future.
		The move to go back to the original proposal for disinvestment in IPCL comes in the wake of an unsuccessful attempt by a disputes committee headed by the Cabinet Secretary to resolve the differences between IPCL and IOC over the valuation of the former’s Vadodara plant which was to be transfer it to IOC.
	www.teriin.org /energy/odisinv.htm (2302 words)

	Businessworld
		And finally, the decibel level against the disinvestment of India's premier oil companies has been raised to a hitherto unprecedented pitch with several court cases questioning the move on the grounds that Parliamentary approval is required before oil companies that were nationalised by legislation are sold off.
		The disinvestment of HPCL and BPCL has raised hackles in Parliament and a number of political parties are opposing the sales and employees of HPCL have joined in the agitation.
		Disinvestment ministry sources confirm that the Nalco strategic sale process has not moved since last October (a public issue and global ADR issue were planned).
	www.businessworldindia.com /WebUserArticle.aspx?SectionId=130 (788 words)

	The disinvestment debate
		Secondly, for reasons not related to disinvestments as such, there was an industrial recession in the second half of the 1990s and the early part of the present century, which adversely affected many enterprises making it difficult to trace the impact of disinvestment.
		The first is the assertion in the introductory chapter that "disinvestment which is a form of ownership transfer comes under the umbrella of privatisation".
		At the same time, it is equally important not to treat the investment and disinvestment decisions and actions of the state on a par with similar activities of other (private) enterprises in the economy.
	www.frontlineonnet.com /fl2110/stories/20040521001107500.htm (1604 words)

	archive: Disinvestment panel to be reconstituted: Sinha (Site not responding. Last check: 2007-10-20)
		Title: Disinvestment panel to be reconstituted: Sinha Author: Publication: The Times of India Date: 12/14/99 URL: http://timesofindia.com/141299/14indi7.htm Contact: editor@timesofindia.com NEW DELHI: The new disinvestment ministry is not a substitute for the frozen disinvestment commission and the latter will be re-constituted very soon, the finance minister told the Rajya Sabha on Monday.
		Sinha and the new disinvestment minister, Arun Jaitley, commended as ``welcome'' a suggestion from Pranab Mukherjee to codify the procedure for disinvestment to ensure its credibility and acceptability.
		Disinvestment was just one of many ways of restructuring the troubled firms, said Sinha, and the government would go ahead to make clear the link between the money so raised and what it was going into.
	www.media-watch.org /articles/1299/9.html (480 words)

	The Hindu : AI, IA taken off disinvestment list
		The Government today decided to withdraw Air- India and Indian Airlines from the disinvestment process in view of the huge investments proposed to be made shortly for fleet acquisition.
		Disinvestment Ministry officials said that the Civil Aviation Ministry was not in favour of continuing with the process of disinvestment of AI and IA as the fleet acquisition plans running into thousands of crores of rupees were due to be implemented soon.
		According to the Disinvestment Minister, Arun Shourie, who was briefing newspersons after a meeting of the Cabinet Committee on Disinvestment (CCD), in any case "no work was going on'' for these two public sector companies.
	www.hinduonnet.com /thehindu/2003/04/16/stories/2003041605460100.htm (369 words)

	Disinvestment of PSUs yet to take off
		This is because disinvestment is a word not understood by many, allowing everyone to do everything, or nothing, depending on the political and social compulsions.
		It is this sort of charade that has resulted in unnecessary debates regarding controlling interests, level of disinvestment, strategic partners etc. If disinvestment was replaced by privatisation, we would have been up and away by now.
		Disinvestment was largely untested waters but the Balco deal has thrown up a lot of contentious issues that may crop up with any other deal, be it Maruti, SCI, VSNL or Air-India.
	www.projectsmonitor.com /detailnews.asp?newsid=2189 (480 words)

	SC puts brakes on HPCL, BPCL divestment : HindustanTimes.com (Site not responding. Last check: 2007-10-20)
		The officials associated with the disinvestment process termed the verdict as "fatal" for the privatisation programme but Disinvestment Minister Arun Shourie was not available for comments as he is in Germany.
		The Government is caught in a piquant situation as it had gone ahead with the disinvestment process in the two oil PSUs, including due diligence in HPCL, even during the pendency of the two petitions challenging the Centre's decision to privatise the oil majors.
		The Centre had decided to proceed with the disinvestment process of HPCL and BPCL undithered by the opposition demand for Parliamentary approval for the same as it had received an opinion from Attorney General Soli J Sorabjee stating that there was no need for Parliamentary approval.
	www.hindustantimes.com /news/181_377307,0002.htm (749 words)

	A brake on sale of oil majors
		Earlier, on January 26, the Cabinet Committee on Disinvestment (CCD) approved the Disinvestment Ministry's proposal to sell 38.2 per cent of the government's stake in HPCL to a strategic investor, and offload 34.01 per cent of its equity through a public float, including 25.2 per cent through the issue of American Depository Receipts (ADRs).
		THE question before the Supreme Court was whether the government's action of disinvestment in BPCL and HPCL violated the special statutes that resulted in the formation of the two companies in the 1970s.
		It argued that disinvestment was an administrative prerogative of the government and related to matters of economic policy.
	www.flonnet.com /fl2020/stories/20031010004902300.htm (2959 words)

	The Tribune, Chandigarh, India - Main News
		Disinvestment of the PSUs has long been projected as one of the major ‘success stories’ of the NDA regime until Mr Shourie and his team put their hands on two ‘jewels’ — Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL).
		Even though he claims that in principle he is not against the disinvestment of the PSUs, he questioned the route of directly offloading the government equity in favour of a strategic partner.
		The crucial meeting of the Cabinet Committee on Disinvestment (CCD) on September 7 was preceded by hectic confabulations among all warring parties.
	www.tribuneindia.com /2002/20021008/main7.htm (716 words)

	Delay in Disinvestment...effect on capital markets (Site not responding. Last check: 2007-10-20)
		The Prime Minister reiterated his commitment to the disinvestment process and some Ministers who were earlier arguing against the process appear to have relaxed their stance, leading to a sharp bounce-back in the values of several PSU stocks.
		The unambiguously negative reaction of the market to the news of the delay on Disinvestment and its joyous response in the first trading session post the PM’s announcement, should leave the policy makers in no doubt as to the views of investors in the Indian equity markets on this issue.
		Disinvestment offers the best way for the government to raise resources without worsening its fiscal deficit and perhaps at some point it will also enable the government to start paying down its outstanding debt.
	www.indiainfoline.com /nevi/ny02/infy.html (873 words)

	Printer Friendly Version (Site not responding. Last check: 2007-10-20)
		Similarly let us not think that the disinvestment of one or two glamorous oil companies is the only way of ensuring the reform of the public sector.
		Disinvestment is an important part, but only a part, of the whole process of reform of central PSUs.
		In fact fungibility is the problem and not the answer, as the disinvestment funds are used fungibly with other revenues to meet government expenditure.
	fecolumnists.expressindia.com /print.php?content_id=17433 (1090 words)

	Cabinet clears eight PSUs for divestment
		The MTNL disinvestment was expected to yield Rs 400 crore, he said.
		Mahajan said that in case of Hindustan Zinc, it was decided to disinvest 25 per cent of the Government equity in domestic market with preferential allotment to small investors and employees.
		The approvals, which were based on the recommendations of the Disinvestment Commission, would help the Government mop up Rs 10,000 crore as announced by finance minister Yashwant Sinha in his budget speech.
	www.expressindia.com /fe/daily/19990707/fec07047.html (453 words)

	Disinvestment hiccups
		The September 7 meeting of the Cabinet Committee on Disinvestment supposedly had before it momentous issues and themes: the future of the economic reforms process itself had been pitted against the strategic interests and security of the nation.
		Rather than adopt this high-risk strategy, the true enthusiasts of reform have urged that a massive public sector disinvestment programme be pushed through to fund the restructuring of troubled public financial institutions.
		Another factor that underpins the ardour of the disinvestment lobby is the presence on the wings of India's largest private enterprise, Reliance Industries Ltd (RIL).
	www.flonnet.com /fl1919/19191210.htm (1380 words)

	Arun Shouries assures transparency in disinvestment of public sector units (Site not responding. Last check: 2007-10-20)
		Former disinvestment minister Arun Jaitley, defending the government, said that it cannot impose a burden of millions of rupees on tax payers to revive sick public sector units.
		The former Disinvestment minister said that the government would not shy away from using the word privatisation, if that led to the survival and revival of loss-making units.
		Sibal said that while disinvestment was a necessary fallout of the globalisation process, the government must take steps to tackle fallout and suggested that the proceeds should be used to strengthen PSUs instead of meeting the budgetary gap.
	www.financialexpress.com /fe/daily/20000802/fec02059.html (826 words)

	Industrial Economist - the business magazine from South - Inklings (Site not responding. Last check: 2007-10-20)
		Shourie pitched the target for disinvestment higher for the current year, at Rs.13,200 crore, though in the previous years there have been massive shortfalls on the targets set.
		Considering the vast mix of regional and national parties that had a share in power through the last 13 years, a broad measure of consensus has evolved though one was familiar with the doublespeak of Indian politicians to oppose purely for the sake of opposing.
		A suitable mechanism to channelise the proceeds of disinvestment to retire public debts is, therefore, necessary.
	www.indeconomist.com /150304_shourie.html (508 words)

	3-year roadmap for disinvestment
		In a bid to attain the ambitious 10th Plan target of mobilising Rs 80,000 crore from the sale of government equity in PSUs, the Disinvestment Ministry is preparing a three-year roadmap, that may include disinvestment in blue chip undertakings in telecom, power and oil sectors.
		With the 10th Plan setting a whopping Rs 80,000 crore accruals from disinvesting government stakes in PSUs, the names of big fishes such as IOC, ONGC, GAIL, BPCL and HPCL are being speculated among the potential companies that may be included in the disinvestment circuit.
		But the setback to the disinvestment plans of Air-India and Indian Airlines in the face of widespread political resistance, both from the ruling and the opposition sides, would certainly serve as sufficient indication of the hidden traps and challenges that the DoD is constantly faced with.
	www.projectsmonitor.com /detailnews.asp?newsid=3018 (578 words)

	Equitymaster.com : SCI: Disinvestment hopes
		However, the disinvestment ministry is expected to meet soon to conclude for finalising the sale of select PSU majors.
		There are serious debates on the pricing of SCI's disinvestment, which ranges from as high as Rs 150 to Rs 65 per share.
		Both the private sector majors are reportedly in talks with a number of players in the international market for partnering in disinvestment.
	www.equitymaster.com /detail.asp?date=8/27/2002&story=2 (420 words)

	Disinvestment (Site not responding. Last check: 2007-10-20)
		Disinvestment was a term first used in the 1980s, most commonly in the United States, to refer to the use of a concerted economic boycott designed to pressure the government of South Africa into abolishing its policy of apartheid, which was still in force at that time.
		The most frequently-encountered method of "disinvesting" was to persuade state, county and municipal governments to sell their stock in companies which had a presence in South Africa, such shares having been previously placed in the portfolio of the state's, county's or city's pension fund.
		There was also a less well-publicized movement to apply the strategy of disinvestment to Northern Ireland, as some prominent Irish-American politicians sought to have state and local governments sell their stock in companies doing business in that part of the United Kingdom.
	www.omniknow.com /common/wiki.php?in=en&term=Disinvestment (760 words)

	The Hindu : A-G clears disinvestment of oil PSUs
		The Attorney-General, Soli Sorabjee, is understood to have given a favourable opinion on disinvestment of the oil public sector undertakings, HPCL and BPCL, which were acquired and nationalised in the 1970s through Acts of Parliament.
		The Cabinet Committee on Disinvestment is likely to meet by the end of the month for considering the various issues relating to the privatisation of HPCL, through strategic sale of equity, and the BPCL, through a public offer.
		Sorabjee wrote to the Disinvestment Secretary, Pradeep Baijal, asking whether any notification had been issued under Section 620 of the Companies Act in relation to HPCL and BPCL.
	www.hinduonnet.com /2003/01/21/stories/2003012105420100.htm (334 words)

	The Tribune, Chandigarh, India - Main News
		No decision on the disinvestment in oil PSUs — the HPCL and BPCL — could be taken at the Cabinet Committee on Disinvestment (CCD) meeting today as the Disinvestment Ministry could not take the opinion of the Attorney-General, Mr Soli Sorabjee, on the issue.
		Briefing reporters after the meeting, Disinvestment Minister Arun Shourie said at the current pace of disinvestment, there was no question of achieving the target of Rs 12,000 crore this fiscal year.
		After remaining a bone of contention between the Disinvestment Ministry and the Petroleum Ministry for over three months since the September 7 CCD meeting, the issue was politically resolved by the December 5 meeting convened by the Prime Minister with senior colleagues.
	www.tribuneindia.com /2002/20021228/main4.htm (536 words)

	Navhind Times on the Web: Business (Site not responding. Last check: 2007-10-20)
		‘Disinvestment programme should be quickened,’ was the reply from CII to a questionnaire sent by PTI.
		ASSOCHAM said it would welcome any move to increase the disinvestment target and offloading the government’s equity in state-owned enterprises, particularly the profitable ones, adding it would be one of the ways to help the centre to rein in the revenue deficit.
		Finding that disinvestment was ‘tricky and politically sensitive issue’, the National Council for Applied Economic Research said disinvestment should be quickened and widened but there should be a negative list and for the rest of the companies, the IPO route should be selected.
	www.navhindtimes.com /stories.php?part=news&Story_ID=02088 (239 words)

	The Hindu : National : `Discomforting aspects' to Centaur Hotel disinvestment
		Replying to the concerns expressed by members, including two Disinvestment Ministers of the previous Government, Arun Jaitley and Arun Shourie, Mr.
		Chidambaram went through the mechanics of the sale and felt "indulgence was granted" to the bidder through repeated extensions, refraining from twice invoking the bank guarantees and closing the transaction after "an unusual meeting" with the bankers.
		Shourie's claim that in the Balco disinvestment case, the Supreme Court had approved the evaluation of public sector units through the discounted flow method.
	www.hindu.com /2004/08/19/stories/2004081909111100.htm (323 words)

	The Hindu : Opinion / Editorials : MOVING AHEAD WITH AN OLD IDEA
		FINANCE MINISTER P. Chidambaram's most recent statement on the public sector disinvestment programme must be understood as an exercise in addressing and resolving policy ambiguities in a contentious area.
		The NTPC offer, the sole big-ticket public sector disinvestment during this financial year, has contributed a very substantial part of the Rs.2,684 crore earned by the Government to date.
		In the recent past, disinvestment proceeds have been critical in bridging budgetary gaps in India.
	www.hindu.com /2005/01/31/stories/2005013101011000.htm (620 words)

	Disinvestment
		The regular budget takes credit for a receipt of Rs.5,000 crore from disinvestment in the current year.
		In order to expedite the process the government have decided to disinvest specified portions of equity from IOC, GAIL, VSNL and CONCOR.
		As part of an overall strategy to restructure Indian Airlines and expand its capacity, government have decided to restructure the capital of Indian Airlines and also to undertake a phased disinvestment in this company, over three years, bringing the government's equity holding down to 49 per cent.
	www.ieo.org /budget98/sp017.htm (499 words)

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