The Hindu Business Line : `Navratnas public sector character won't be altered'

THE Left parties today reiterated their opposition to any dilution of Government holding in Bharat Heavy Electricals Ltd (BHEL) even as the Central Government sought to assuage their concerns by promising them that the public-sector character of the navratnas would not be altered.

The Government is looking to divest a 10 per cent stake in BHEL through a public offering.

Once the stake sale is completed, the Government holding in BHEL would fall to 57.72 per cent from 67.72 per cent. Bids have already been invited from global investment banks to manage the public offering.

"The Left parties and the Government exchanged views on disinvestment with particular reference to the BHEL case. They (Left parties) reiterated their position on disinvestment but agreed to discuss the matter further among themselves. Government made it clear that the public sector character of navratnas will not be altered," Mr P. Chidambaram, Finance Minister, said after a meeting of the Left-UPA Government Coordination Committee here today.

The Government also said that the future capital requirement of navratnas would be met, according to Mr Chidambaram.

The meeting was attended by the Prime Minister, Dr Manmohan Singh, the UPA Chairperson, Ms Sonia Gandhi, the Defence Minister, Mr Pranab Mukherjee, the Home Minister, Mr Shivraj Patil, and the Minister of State in the Prime Minister's Office, Mr Prithviraj Chauhan, and the Finance Minister, Mr P. Chidambaram.

Mr Harkishan Singh Surjeet and Mr Sitaram Yechuri (both CPI-M), Mr D. Raja (CPI) and Mr Abani Roy (RSP) represented the Left parties at the meeting. Mr Yechuri said that the Left parties made it known to the Government that they would oppose the dilution of 10 per cent stake in BHEL. The Left parties are to meet next week to decide on the future course of action.

Mr Yechuri also said that the Commerce Minister, Mr Kamal Nath, would soon meet the Left parties to discuss issues relating to the World Trade Organisation.

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`Navratnas public sector character won't be altered'