Brushing aside stiff opposition from political parties in Tamil Nadu to the Centre’s proposed disinvestment of Neyveli Lignite Corporation (NLC), Minister of State in PMO V Narayanasamy today said there was nothing wrong in the move which was meant only for development of the PSU.

“There is nothing wrong in the disinvestment of shares in NLC as such a measure had been in practice for long,” he told reporters here when asked about opposition to the move by Tamil Nadu Chief Minister Jayalalithaa and DMK chief M Karunanidhi among others.

The Minister said disinvestment of shares in profitable undertakings was meant to use the funds for development of the undertakings themselves.

NLC had recently said the government’s proposal to divest five per cent stake in the firm “is on” and it would not affect its public sector undertaking status.