Govt to hold on to Maruti shares: Santosh Mohan Dev

The government on Friday said it would not sell its remaining 18.3 per cent stake in Maruti Udyog Ltd (Maruti), which is 54 per cent held by...

The government on Friday said it would not sell its remaining 18.3 per cent stake in Maruti Udyog Ltd (Maruti), which is 54 per cent held by Japanese carmaker Suzuki Motors (Suzuki).

Heavy Industries Minister Santosh Mohan Dev, who batted for Maruti’s role in Suzuki’s Indian investments, said the government’s decision was due to commitments in the CMP.

‘‘How can I sell the government’s stake in Maruti when the CMP of this very government says there should be no further disinvestment?’’ Dev asked.

Story continues below this ad

The UPA government inherits a Revised Joint Venture Agreement (RJVA) signed with Maruti Udyog in May 2002, which commits it to a sell-off by August 2005.

Dev said the government was yet to discuss divestment of its stake with Suzuki.

The government had demanded, and got, a greater role for Maruti in factories to be set up with fresh investments. But the minister said ‘‘We will try to use as many means as possible to ensure that our stake in Maruti is not sold off.’’

The government’s stake is expected to be offloaded through another public offer, as per the RJVA. This could have been exercised before April 30, 2004. The date was later extended to August 2004.

For Kolkata, the IMD has forecast mostly cloudy skies with light to moderate rain or thundershowers on most days through Panchami.

Unprecedented rain submerges Kolkata amidst Durga Puja preparations; train services hit

Cities48 min ago

At least two people were killed as Kolkata woke up to an inundated city on Tuesday morning after heavy overnight rainfall flooded streets, railway tracks, and Metro tracks. The downpour, which began late Monday night and continued past midnight, led to severe waterlogging across major arterial roads and residential areas, paralysing normal life.

View all shorts

Live Blog