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SC verdict on Balco to boost divestment: Shourie

The upholding of Balco privatisation by the Supreme Court would provide a booster to divestment process, Divestment Minister Arun Shourie said on Monday.

"Yes, the process will be strengthened (because of favourable judgement). We will cite the judgement at high courts in Chennai and Karnataka where some cases relating to ITDC divestment are being heard," he told Aaj Tak from Tokyo, where he is part of the Prime Minister Vajpayee's delegation.

Shourie said it was important to note the court's view that valuation should be determined by experts.

Asked if the process of valuation followed in case of BALCO would not act as a benchmark for future valuations, the minister said, "We have standardised it (valuation process) and said that the advisor would have to follow all four methods so that there is no ambiguity. Then the reserve price would be examined at three levels. Despite all this we get such baseless allegations."

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