The Hindu : National : CPI (M) opposes divestment

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Friday, Feb 09, 2007
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National

National

CPI (M) opposes divestment

Special Correspondent

Says the practice of riding piggyback on Initial Public Offerings should go

NEW DELHI: The Communist Party of India (Marxist) on Thursday opposed the decision to disinvest small portions of the Government's holdings in three power companies as and when the entities come out with Initial Public Offerings (IPOs). It said the practice of riding piggyback on IPOs should go.

In a statement, the party's Polit Bureau described the move to disinvest shares in the Rural Electrification Corporation (REC), the Power Grid Corporation of India Limited (PGCIL) and the National Hydro-Electrical Power Corporation (NHPC) "uncalled for," and urged the Government not to go ahead.Earlier, announcing the Cabinet Committee on Economic Affairs' decision to sell 10 per cent of the pre-issue paid up equity in the REC and 5 per cent each in the PGCIL and the NHPC, Finance Minister P. Chidambaram said the Left parties were consulted on the issue. He, along with External Affairs Minister Pranab Mukherjee, discussed the matter with the CPI (M) leadership in early January. He also met the CPI leadership to apprise it about the fact that no money was flowing into the National Investment Fund, created with Left support to finance social sector development and rejuvenate public sector undertakings.

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