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Home > Business > PTI > Report

Divestment ministry forwards all HPCL details to AG

January 07, 2003 18:05 IST

Divestment Minister Arun Shourie said on Tuesday that his ministry had furnished all the facts to Attorney General for getting his opinion on the legal aspects of privatising public sector oil company, Hindustan Petroleum Corporation, which was acquired and nationalised through an Act of Parliament.

On the privatisation of Engineers India, he said it was a consultancy firm in the oil sector and it could not progress as nothing was moving in the petroleum sector.

He, however, clarified that the divestment of EIL was not being deferred.

Asked about the progress on divestment in aluminium PSU Nalco, where due deligence process was stopped a few months ago following a hostile reception accorded to a team of officials which had gone to Orissa for due-diligence, Shourie said "it is where it was."

Asked if the divestment target of Rs 12,000 crore (RS 120 billion)would be achieved, Shourie said it was difficult for the target to be realised if there continued to be hindrances or stoppages.

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