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Corporate Restructuring Through Disinvestment: An Indian by Harjit Singh

By Harjit Singh

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Therefore, it is high time for greater public and private sector participation. This can be achieved by transferring public assets to private players. Corporate Restructuring Through Disinvestment 30 Disinvestment: Meaning and Definition Disinvestment, which has become a universal trend, means transfer of ownership and/or management of an enterprise from the public sector to private hands. It also means the withdrawal of the State from an industry or sector, partially or fully. In another words, disinvestment stands for opening up of an industry that has been reserved for the public sector to the private sector.

Public enterprises, because of the nature of their ownership, can restructure slowly and hence the logic of privatization gets stronger. Besides, techniques are now Corporate Restructuring Through Disinvestment 22 available to control public monopolies like Power and Telecom, where consumer interests can be better protected by regulation/ competition, and investment of public money to ensure protection of consumer interests is no longer a convincing argument. The objectives of the disinvestment drive vary from improving efficiency of the PSEs to transformation of the society.

12 3. 99 4. Indian Oil Corporation Ltd. 54 5. Kudremukh Iron Ore Co. Ltd. 39 Total Source: Public Enterprise Survey, 1995-96, Vol. I. 57 Disinvestment Drive in India 35 The common minimum programme of the united front government: 1996 The highlights of the policy formulated by the United Front Government were as follows: • • • • • To carefully examine the public sector non-core strategic areas; To set up a Disinvestment Commission for advising on the disinvestment related matters; To take and implement decisions to disinvest in a transparent manner; Job security, opportunities for re-training and re-deployment to be assured; No disinvestment objective was, however, mentioned in the policy statement.

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