The Hindu Business Line : AP Cabinet sub-panel okays sell-off in four cos

THE Cabinet Sub-committee on Public Enterprise Reform, headed by the Andhra Pradesh Finance Minister, Mr Y. Ramakrishnudu, on Thursday approved the sale of State's stake in four listed companies which together have helped the Government garner Rs 75.33 crore.

Commenting on the conclusion of the process in four listed companies — ACC, Tata Motors, VST and Sirpur Paper Mills, the Chairman of Implementation Secretariat (IS), Mr Deepak Kumar Panwar, said "We operated a fair and transparent competitive bid process rather than selling anonymously through the market. This turned to be a novel approach to selling the Government's stake in listed companies as we were not selling a controlling stake or giving over management to the buyers."

This development, according to Mr Panwar, adds impetus to the State's divestment and enterprise reform programme. The State Government will be building on the back of this success with further reforms and disinvestments in the coming months.

The State's stake in Tata Motors was sold for Rs 253 per share to LIC and the GIC purchased ACC shares at Rs.200 per share. Russel Credit, an investment arm of ITC Ltd., picked up State's stake in VST Industries while Aravali Security and Finance, the promoter of Sirpur Paper Mills paid Rs.67 per share.

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