The Hindu Business Line : Early polls won't hinder disinvestment process

Mr Arun Shourie, Minister for Disinvestment, Communications and Information Technology, addressing the Partnership Summit 2004 in Hyderabad on Thursday. - A.Roy Chowdhury

Hyderabad , Jan. 8

THE process of disinvestment would not be derailed even in the case of the Lok Sabha elections being advanced, the Union Minister of Disinvestment, Mr Arun Shourie, said today.

"Early elections to the Lok Sabha would not hamper the process of divestment of about 10 per cent stake in Oil and Natural Gas Corporation (ONGC) and Gas Authority of India Ltd (GAIL)," Mr Shourie, who is also Minister, Communications and Information Technology, told newspersons here on the sidelines of the ongoing CII-Partnership Summit.

"The divestment schedule will take its own course," he said.

"We have to follow certain procedures for taking up the divestment in ONGC and GAIL," he said.

"If the divestment process is stalled people may infer that it is because of the polls. Instead we will hurry the process," he said.

With regard to the offloading of residual stakes owned by it in some privatised companies including Balco, CMC, IBP and Maruti Udyog Ltd, he said the Government was right on target. "We are talking to Securities and Exchange Board of India in this regard," he said.

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Early polls won't hinder disinvestment process