| "In order to hasten the process, the government has called for limited bids from merchant bankers who participated in the last four privatisation cases," Shourie said. |
| The two issues are to be completed this fiscal in order to bridge the huge deficit in the disinvestment proceeds target of Rs 13,200 crore for 2003-04. |
| The minister said that the Securities and Exchange Board of India (Sebi) had given a favourable response for the two issues. |
| The public offers of government's residual stake in IPCL, IBP and CMC as well as the initial public offering of 20 per cent equity in Dredging Corporation of India (DCI) is likely to hit the market in January or February. |
| The proposal for disinvestment of 10 per cent equity in ONGC and Gail had come from the petroleum ministry. It was ratified by the Cabinet Committee on Disinvestment (CCD) on December 23. |
| Shourie said many of the procedural delays in decision-making would be cut by taking the consent of group of ministers (disinvestment, law, finance and petroleum) either through a meeting or through a circular. |
| "We have not ruled out an American issue. If the financial advisors and Sebi feel that there is not much depth in the market then we will go back to the CCD and take the permission for the overseas float of a part of the equity that has been earmarked," Shourie said. |
| Shourie said that unlocking of the cross-holdings among ONGC, Indian Oil Corporation and Gail would be taken up after the two issues. |
| "These two issues would fetch us approximately Rs 12,000 crore, while the cross-stakes are worth more but would go to the individual companies and not to the government," Shourie said. |
| The government held an inter-ministerial group meeting for appointment of advisors for the ONGC float late evening yesterday. |
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