CCD to clear VSNL, CMC sell-off today

NEW DELHI, JAN 29: The cabinet committee on disinvestment (CCD) is expected to clear divestment in Videsh Sanchar Nigam Ltd (VSNL), Metall...

NEW DELHI, JAN 29: The cabinet committee on disinvestment (CCD) is expected to clear divestment in Videsh Sanchar Nigam Ltd (VSNL), Metallurgical & Engineering Consultants Ltd (MECON) and CMC Ltd on Tuesday.

It may be recalled that at its last meeting on November 27 the CCD had set up a committee of secretaries to recommend optimal ways of MUL divestment. The committee was supposed to prepared its recommendations within 15 days and submit them to the CCD.

It seems that the committee has not completed its work. The department of disinvestment (DoD) has reached a consensus with the communications ministry over the issue of VSNL privatisation. Instead of going for a strategic sale of VSNL, the government may decide to sell 7 per cent of its equity in the telecom major.

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Earlier, the DoD had recommended the sale of at least 26 per cent equity in VSNL to a strategic buyer. The government holds 53 per cent shares in the company. The CCD is expected to clear 51 per cent strategic sale of MECON Ltd. Set up in 1959 for self-sufficiency in consultancy and engineering services, the company played a key role in the setting up of the three integrated steel plants of SAIL with foreign technical assistance.

Though CMC Ltd was never referred to the erstwhile Disinvestment Commission, the DoD and the ministry of information technology have jointly prepared a proposal for CMC privatisation which favours strategic sale of the company.

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