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EIL, Balmer Lawrie sell-off cleared 6 months ago, says Naik

Petroleum Minister Ram Naik said on Wednesday that he had no reservations on the privatisation of Engineers India Ltd and Balmer Lawrie and their strategic sale was cleared by him six months ago.

"EIL is in the final stages of divestment and there is no question of any difference of opinion on the mode (of divestment)," Naik told reporters in New Delhi.

Naik, who had vehemently opposed strategic sale of government equity in refining and marketing companies Bharat Petroleum and Hindustan Petroleum, said the government would get out of the engineering consultancy firm by the end of the current fiscal.

Asked about the decision of the Cabinet Committee on Divestment to postpone decision on privatisation of HPCL and BPCL, he said: "The decision has been deferred. (Divestment policy in the oil sector) will be discussed and some decision will be taken after three months."

Naik's comments on Balmer Lawrie assume significance in the light of the petroleum ministry moving a Cabinet note for hiving-off non-core business of the company before its privatisation.

The oil ministry wanted hiving-off of Balmer Lawrie's Container Freight Stations, travel and tours, leather chemicals and tea blending and exports divisions into separate subsidiaries while the divestment ministry has invited express of interest for sale of the entire 61.8 per cent government equity in the company.

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