Business Daily from THE HINDU group of publications
Tuesday, Mar 20, 2007
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Business Daily from THE HINDU group of publications Tuesday, Mar 20, 2007 ePaper |
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Cars Corporate - Mergers & Acquisitions Industry & Economy - Disinvestment
Our Bureau
New Delhi March 19 The sale of residual Government stake in Maruti Udyog is likely in the next financial year, the Finance Minister, Mr P. Chidambaram was quoted to have said to the media. Official sources attributed the decision to defer the divestment to the next year to uncertain stock markets, but added that the sale would be carried out before June. Maruti, which is 54.2 per cent owned by Japan's Suzuki Motor Corporation, is a joint venture between the Indian Government and Suzuki. After successive disinvestments, the Government has a residual stake of 10.27 per cent. According to sources, more than 20 public sector banks and a clutch of financial institutions and mutual funds had shown interest in acquiring the Government's stake, estimated at over Rs 2,300 crore. Only public sector banks, financial institutions and mutual funds, which are registered in India, were allowed to participate in the bidding process. The last date for submitting Expression of Interest expired on March 9.
More Stories on : Cars | Mergers & Acquisitions | Disinvestment | Maruti Udyog Ltd
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