Business Daily from THE HINDU group of publications
Thursday, Aug 24, 2006
Business Daily from THE HINDU group of publications Thursday, Aug 24, 2006 |
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Markets - Stocks Industry & Economy - Disinvestment
Our Bureau
What they say According to market analysts, the Finance Ministry may want the stock markets to stabilise before taking a final call. The Heavy Industries Minister had earlier stated that the Government was not averse to selling its holding in Maruti.
New Delhi , Aug. 23 The Government's exit from Maruti Udyog is unlikely to happen anytime soon, with the Finance Minister asking the Heavy Industries Ministry to ``wait for an opportune time'' to offload its residual stake in the company. The suggestion came during a meeting between the Heavy Industries Minister, Mr Santosh Mohan Deb, and the Finance Minister, Mr P. Chidambaram, on Tuesday. According to Mr Deb, the Finance Minister was in favour of waiting for some more time before deciding to offload the remaining 10.27 per cent stake the Government has in Maruti.
Stake sale
"The Finance Minister said that this was not an opportune time to sell the stake," he said adding that the Finance Ministry was in favour of "getting the maximum" out of the stake sale. Mr Deb had, only earlier this week, stated that the Government was not averse to selling its holding in Maruti to raise more than Rs 2,500 crore. "We have offered to the Finance Ministry to sell 10.27 per cent stake that the Government has in Maruti. Now it is up to them to take the call," Mr Deb had said on Monday.
Final call
According to market analysts, the Finance Ministry may want the stock markets to stabilise before taking a final call. The Government's stake in the company is held by the Ministry of Heavy Industries. Last year, the Government had sold 8 per cent of its stake in Maruti for more than Rs 1,567 crore to public sector financial institutions. Meanwhile, Mr Deb on Wednesday urged automobile majors to use India as their global outsourcing hub. "While the prospect of the domestic auto market in the future is quite huge, exports of the same from India are comparatively slack.
Related Stories: More Stories on : Cars | Stocks | Disinvestment | Maruti Udyog Ltd
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