A new govt department to oversee privatisation

Vol 3, PW 24 (22 Dec 99) News in Brief

Indias cabinet has set up a new Department of Disinvestments to oversee the governments partial privatisation programme.

The announcement came in an official communiquأ© on Friday (10th December). The President of India, as advised by the Prime Minister, is pleased to direct that Arun Jaitley, minister of state (independent charge) in the ministry of information & broadcasting, shall be given the additional independent charge of the department of disinvestments.

Officials in the new department will have overall responsibility for the sale of government equity in designated Public Sector Units (PSU). This includes the appointment of global coordinators, pricing and timing of any sale.

All decisions taken by the new department need formal approval of the Indian cabinet. Indian industrialists are welcoming the move.