Question : DISINVESTMENT IN IPCL

(a) Whether the government have disinvested the shares of IPCL;

(b) If so, the number of shares of IPCL so far sold, till date, particularly by UTI during 1998-99, till April, 1999 and the rate at which these were sold;

(c) Whether the shares disposed of so far were at a very much lower rate than the market value;

(d) If so, the reasons therefor indicating the market rate of shares of IPCL during that period;

(e) Whether the Government propose to conduct any inquiry in this regard; and

(f) If so, the details thereof and if not, the reasons therefor?

THE MINISTER OF STATE OF THE MINISTRY OF INFORMATION AND BROADCASTING AND THE MINISTER OF STATE OF THE DEPARTMENT OF DISINVESTMENT (SHRI ARUN JAITLEY)

(a) to (f): A statement is laid on the Table of the House.

Statement referred in reply to parts (a) to (f) of the Lok Sabha Starred Question No. 494 for 28.4.2000 regarding Disinvestment in IPCL by Shri Kirit Somaiya.


(a) to (f) : The Government, on the recommendations of the Disinvestment Commission, decided in December, 1998 to disinvest 25% equity in IPCL along with transfer of management control in favour of a strategic buyer through Global Competitive Bids. Pursuant to that decision, the process of disinvestment was taken up and has not been completed. No share of the Government in IPCL has been sold consequent to the decision of disinvestment. The sale of shares by UTI is not part of the process of disinvestment.