Paswan rules out disinvestment in steel cos

Steel minister Ram Vilas Paswan ruled out any disinvestment in the companies, today, under the Ministry and said the department had not received any letter from the Finance Ministry over the issue.

"There is no question of disinvestment. Not even in the loss making companies," said Paswan. Asked whether the Ministry had received any letter from the Finance Ministry suggesting dilution of Government equity in PSUs, the Minister replied in the negative, saying "there is no proposal".
He said the PSUs under the Ministry were making good profit, barring two -- Hindustan Steel Constructions Ltd and Bharat Refractories Ltd, for which the department was preparing revival packages.

Paswan said government had appointed A F Fergussen as a consultant for HSCL which has a loss of Rs 96 crore. BRL had a loss of Rs 5.5 crore in 2004-05.

He said net profit of SAIL increased 171 per cent to reach Rs 6,817 crore and that of Rashtriya Ispat Nigam Ltd grew by 30 per cent to touch Rs 2,006 crore. SAIL gave a dividend of Rs 1,363 crore.