Uma to take Nalco issue to PM

Soon after lashing the Disinvestment Ministry for ignoring its suggestions on Nalco disinvestment, Coal and Mines Minister Uma Bharti is now...

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Soon after lashing the Disinvestment Ministry for ignoring its suggestions on Nalco disinvestment, Coal and Mines Minister Uma Bharti is now planning to meet the Prime Minister Atal Bihari Vajpayee within this week to present her case on the disinvestment issue.

Addressing a press conference here, Uma Bharti said ‘I have asked the Prime Minister for time and I am hopeful that I will be able to speak to him in four to five days. I will put forward the suggestions before the Prime Minister as well as the Deputy Prime Minister L.K. Advani’, she added.

Asked what suggestions she would put forth before the Prime Minister, Bharti refused to comment merely stating that she would talk about it after the meeting. Brushing aside Disinvestment Minister Arun Shourie’s comments that Nalco would go the SAIL way in five years if its disinvestment was delayed, Bharti Said she was a ‘sanyasin’ and could only say that ‘those who are predicting future are trying to be God’.

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Asked whether the process of disinvestment would come to a stop merely on account of the differences between two ministries, she said a few days here and there would not make much difference to the process. After reviewing the performance of Nalco in past three years, Bharti asserted that Nalco would continue to make greater profits in the years to come.

Government has proposed to disinvest 60 per cent stake in the company through a three stage process comprising of domestic issue, ADR and strategic sale.

Mines ministry is reported to have objected to the initiation of process of strategic sale of Nalco on the grounds that it would adversely affect the ongoing modernisation programme of the company.

Nalco is currently undertaking a Rs 4,000 crore expansion of its facilities which is expected to be completed by the next year. The ministry has also voiced its objections to the appointment of a single advisor for all three stages of disinvestment.