GVR for autonomy to 15 public sector units

BANGALORE, NOV 18: Disinvestment Commission chairman G V Ramakrishna today expressed hope that the Union government would take a decision...

BANGALORE, NOV 18: Disinvestment Commission chairman G V Ramakrishna today expressed hope that the Union government would take a decision soon on granting autonomy to 15 "blue chip" public sector units and place them under a national share holding trust.

Though some of them have been categorised as "navratnas" and given certain autonomy they still reel under bureaucratic clutches, unable to take firm decisions, he said while delivering a guest lecture at the international seminar on `Manufacturing technology beyond 2000′ organised by the Indian National Academy of Engineering.

He said though the disinvestment commission had, in its first report in February 1997, recommended that these blue chip public sector units be allowed to disinvest below 51 per cent and run by professional management without any interference from the government, no decision had been taken yet. The national share holding trust, suggested by the commission, could transfer the dividend earned by these companies to the government anddecide on the trading of the shares.

Stating that the PSUs did have some top class managerial skills, he said what they lacked was the autonomy that could enable them to decide on seeking foreign technology and the foreign collaborator at the right time.

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