Industry & Economy
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Disinvestment
Government
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Industrial Policy
Karnataka divestment policy from Aug
Our Bureau
Bangalore
,
June 22
THE Dharam Singh Government plans to put its new policy on disinvestment in State-owned enterprises into force from August this year.
The draft of the new policy is to be brought before the State Cabinet on June 29, the Industries & Infrastructure Minister, Mr P.G.R. Sindhia, said today.
The new policy, on approval, will have a validity of three years and replace the earlier one that expired in March. It will form the basis for the Government's options on its loss-making or unviable units and set the parameters for closure, privatisation, restructuring and other measures.
Karnataka has 90-odd State-owned enterprises, including service, manufacturing, marketing entities, financial bodies and utilities, which account for total investments of Rs 12,000 crore and borrowings of Rs 22,000 crore.
Nearly half of them are loss-making, and by the previous policy, had been identified or readied for total closure, sale or partial disinvestment to private partners.
The Cabinet sub-committee on disinvestment met today to finalise the draft. The new policy would take a re-look at cases such as NGEF, which has been shut down, and settle them suitably, Mr Sindhia said.
Airport project: Meanwhile, it is learnt that Bangalore International Airport Ltd (BIAL) and lead lender ICICI Bank are expected to formally declare completion of financial closure for the airport project next week, most likely on June 27. Work on the Rs 1,334-crore project is already under way at Devanahalli near here.
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