The fate NFL disinvestment continues to be in a limbo as there is neither a decision from the Prime Minister to put it off nor a firm date for holding a meeting of the decision-making body Cabinet Committee on Disinvestment, Chemicals and Fertiliser Minister S. S. Dhindsa said here on Monday. “The issue is with the Disinvestment Ministry. We have no intimation on the CCD meeting as yet,” he said, adding that it would now be held only after PM returns on September 28. Dhindsa said he had asked the Prime Minister on September 2, to postpone the NFL share sale until the impact of the new fertiliser policy was known, but there was no firm commitment from the PM. “He said that he would look into the matter,” the minister told The Indian Express. Under the new urea pricing norm, most antiquated plants using input other than natural gas would be at a complete disadvantage from next fiscal. NFL has four units of which three are fuel oil-based and fully depreciated. However, bids were accepted on September 4 and were opened the next day. According to sources, none of the three bids crossed the reserve price fixed by the Inter-Ministerial Group, prompting the Disinvestment Ministry to keep in abeyance the crucial CCD even though it is usually held the same day or a day after the price bids are opened. Dhindsa said he was not aware of the post-bid developments but was categorical that NFL’s fate would have to be decided by the CCD. The options before the government is either to sell NFL at the highest bid or ask the bidder to match the reserve price. Or else, start the NFL disinvestment process all over again.
