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Govt to sell residual stake in divested firms: Shourie

Disinvestment Minister Arun Shourie said Govt will go ahead with sale of its residual stakes in CMC, VSNL, IBP, IPCL and Balco.

business Updated: Nov 25, 2003 12:15 IST

The Government will go ahead with plans to sell its residual stakes in five firms in which it has already transferred management control, Disinvestment Minister Arun Shourie said on Tuesday.

A court order freezing the sales of two cash-rich oil refiners -- HPCL and BPCL -- had cast doubts on the residual stake sales in software firm CMC Ltd, telecom firm Videsh Sanchar Nigam Ltd, Indian Petrochemicals Ltd, oil retailer IBP and Bharat Aluminium Co Ltd.

"Residual stake sales will go on," Shourie told reporters on the sidelines of a business conference.

First Published: Nov 25, 2003 12:15 IST