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October 22, 2001
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Money > Business Headlines > Report October 22, 2001 |
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CCD to meet on Oct 23 for HZL, ITDC selloffAfter completing the divestment of CMC Ltd and HTL Ltd, the Cabinet Committee on Divestment is meeting in New Delhi on Tuesday to take Hindustan Zinc Ltd, India Tourism Development Corporation and the Hotel Corporation of India into the penultimate stage of privatisation by finalising the crucial shareholders' agreement. With finalisation of the shareholders and share purchase agreements, the government will finalise bids for these firms next month, official sources said. The CCD will also review the progress in regard to 13 companies listed for divestment during this fiscal. Only two of them have been divested. Significantly, Sterlite Industries of Balco fame and a Birla firm are in the race for acquiring the controlling stake in the profit-making HZL. After taking charge of Balco, Sterlite Industries was indicted by the Securities and Exchange Board of India. Divestment secretary Pradip Baijal said last week that no decision had yet been taken whether to blacklist Sterlite or not for future bids. Minister for Civil Aviation Shahnawaz Hussain has said the proceeds of HCI's divestment will be pumped into improving the financial position of Air-India since it is a subsidiary firm of the national carrier. Divestment in ITDC is being done on the basis of individual hotels and not the company as a whole. This is because many ITDC hotels do not possess clear land deeds and the government wants to get these deeds clear of encumbrances. In the first stage, hotels with clear land deeds are being put on the block. Indian hotels of the Tatas and a Delhi based hotel group are believed to be in the race for the ITDC hotels. The government has a divestment target of Rs 120 billion for the current fiscal. However, it has realised only Rs 2.07 billion from the sale of CMC and HTL Ltd. YOU MAY ALSO WANT TO READ:
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