New Delhi: Government on Tuesday said shares of Public Sector Units (PSUs) with high profit will be made public as soon as the market gets in good shape.
Finance Minister Pranab Mukherjee while replying to supplementaries in Rajya Sabha during Question Hour said, "PSUs with high profits are under consideration and as soon as markets are in good shape, we will make them public. We want to gain maximum advantage of the markets once they get back in shape."
Mukherjee said disinvestment is an ongoing process and it was in the Common Minimum Programme of the previous United Progressive Alliance (UPA) Government also.
"The policy of the government is to develop people-ownership of PSUs while ensuring that government equity does not fall below 51 per cent and government retains management control of the company," the minister said.
He said that as per the policy, government would offer small portions of its shareholding in the Central Public Sector Enterprises to the general public in domestic market through IPs or Follow On Public Offerings while retaining 51 per cent with the government.
Mukherjee also informed the House that PSUs which have received 'Navratna' status are not being considered for disinvestment and that other PSUs are being considered on case to case basis.
He said the Disinvestment Commission was set up in 1996 and it had recommended disinvestment of around 88 PSUs.
"Some initiative was taken but once the Commission winded up, things did not move as subsequent governments did not take interest," he added.
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