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October 6, 2000 		Feedback  
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Govt to sell off IBP, STC, MMTC, BBL

Our Correspondent in New Delhi

The government has decided to divest its majority shareholding in four public sector companies: IBP, State Trading Corporation, Metals and Minerals Trading Corporation, and Bharat Brakes Limited.

The decision was taken soon at a crucial cabinet meeting on Friday morning.

India has also decided to allow international firms to bid for stake in IBP.

The government will also offer employees stock options to the staff working at these companies.

In IBP, the government will divest 33 per cent stake from 59 per cent bringing its share down to 26 per cent. Similarly, in STC it will pare its current holding of 91 per cent to 26 per cent.

MMTC will see the government shedding as much as 74 per cent, diluting its holding to 26 per cent. In BBL, the government has decided to sell off the company to the private sector.

Divestment Minister Arun Shourie informed this soon after the meeting.

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