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Rediff News  All News  » Business » Minister for selling 30% equity in PSUs to public

Minister for selling 30% equity in PSUs to public

March 17, 2003 16:44 IST

Union Heavy Industries Minister Balasaheb Vikhe Patil said on Monday that he favours offloading up to 30 per cent equity in public sector undertakings through a public issue.

"I am of the opinion that divestment of public sector enterprises should be done through a public issue. Some management are concerned with this. I am pursuing them to go for a public issue of 20 to 30 per cent equity," Patil told reporters in Bangalore.

He said public ownership of shares in PSUs would make these businesses more accountable.

"It is a question of fixing responsibility and in particular accountability."

Patil said the transaction of public shares was currently being done by financial institutions through stock exchanges and public participation was low.

About the possibility of offloading equity in BHEL, he said the company had maintained it did not require more funds.

However, he said, he favoured selling 30 per cent equity in BHEL to the public.

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