Financial Daily from THE HINDU group of publications
Saturday, Jan 31, 2004
Financial Daily from THE HINDU group of publications Saturday, Jan 31, 2004 |
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Industry & Economy
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Disinvestment Logistics - Shipping Ministry, Navy nod for CSL privatisation Our Bureau
New Delhi , Jan 30 THE Defence Ministry and the Indian Navy have given their consent for the proposed privatisation of Cochin Shipyard Ltd (CSL), the Disinvestment Minister, Mr Arun Shourie, told the Lok Sabha on Friday. Replying to a debate on a private member resolution, Mr Shourie assured the House that national security concerns would be taken into account at the time of privatisation of CSL. The Congress leader Mr Shivraj Patil, however, feared that if CSL was privatised, the Ministry of Defence would have to shelve the project of constructing an aircraft carrier at Cochin Shipyard. ``If the shipyard was privatised, I can challenge that the Government will be importing aircraft carriers,'' Mr Patil said. During the last five years, Rs 14,000 crore have been raised from divestment of 34 PSUs. Even at a 10 per cent rate of interest, this would fetch an annual return of Rs 1,400 crore. On the other hand, the average annual dividend from these PSUs was only Rs 50 crore, Mr Shourie argued. The remaining Rs 1,350 crore can be utilised to meet social obligations, he said.
More Stories on : Disinvestment | Shipping
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