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BALCO disinvestment opposed

Aarti Dhar

LOK SABHA members on Monday demanded that the Government stop the move to disinvest the remaining 49 per cent equity in the public sector Bharat Aluminium Company Ltd., as it would result in a loss of Rs.9,000 crore to the exchequer.

Ram Gopal Yadav of the Samajwadi Party said 51 per cent of the equity in BALCO in Korba, Chhattisgarh, was disinvested in 2001 during the National Democratic Alliance regime. Now the remaining equity was being sought to be disinvested by undervaluing the national property. This would result in a Rs.9,000-crore "scam."

Prof. Yadav said the Finance Ministry was trying to push through the deal. A share worth Rs.1,000 was being sought to be sold for Rs.77. Prof. Yadav said Prime Minister Manmohan Singh reportedly expressed unhappiness over the issue.

Basudeb Acharia (CPI-M) demanded a statement from the Government on the issue.

Devendra Prasad Yadav (RJD) and Prabhunath Singh (JD-U) echoed Prof. Yadav's feelings, saying the sale of the national property would cause a loss to the exchequer. They demanded that the Government make a statement.

Mr. Yadav said the United Progressive Alliance had dismantled the Disinvestment Ministry but its handling of the issue was not transparent.

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