A day after Tata Group Chairman Ratan Tata's stated he was not comfortable with bribing for getting into airline business years ago, the government today assured it was committed to transparency in any project.
"We need more transparency. I think the government is committed to that," Heavy Industries and Public Enterprises Minister Vilasrao Deshmukh said when asked about Tata's comments.
Emphasising the use of Right to Information Act, Deshmukh said one gets any information through RTI on anything that goes wrong.
Yesterday, Tata had stated in Dehradun that he did not enter the airline business as he was not comfortable with the idea of bribing Rs 15 crore to a minister, as had been suggested by an industrialist.
On the occasion, Deshmukh conferred the Maharatna certificates to ONGC, NTPC, IOC and SAIL and Navaratna certificates to RINL and Oil India.
The government had announced conferring Maharatna status that provides greater financial autonomy to the four PSUs in December last year.
Deshmukh said, four Maharatna CPSEs achieved turnover of about Rs 4 lakh crore with a net profit of around Rs 42,000 crore in 2009-10.
This is 25 per cent more than their net profit for the previous year.
Talking about disinvestment, the minister said, "We have requested all the (profit-making) companies that they should be listed on the stock exchanges.
"Unless and until they list themselves on exchanges, they (PSUs) cannot be in the competition", he said.
Referring to the huge response to the recent initial public offers of Coal India and Power Grid Corporation of India, Deshmukh said, it reinforces the market strength of the CPSEs.
PSUs are increasingly showing their mettle on the stock exchanges also, the minister said.
On Oct 31, the market capitalisation of listed CPSEs, excluding the figures of CIL, was about Rs 14.85 lakh crore which was around 22 per cent of the total market capitalisation on BSE.
The government is expected to dilute its stake in four more PSUs, Steel Authority of India Ltd, Hindustan Copper, Manganese Ore India Ltd and Shipping Corporation of India by the end of the fiscal 2010-11.
It has targetted to raise Rs 40,000 crore through disinvestment in PSUs this fiscal.
The Centre and has already mopped up nearly Rs 25,000 crore from divestment in Satluj Jal Vidyut Nigam, Coal India, PowerGrid and Engineers India in the current fiscal.
There are 246 PSUs in the Central sector as on March 2009.
Meanwhile, Commerce and Industry Minister Anand Sharma said government will take strongest possible action on any issue of corruption brought to its notice.
"... This government and I myself will not hesitate to take the strongest action under the law if anything is brought to my attention," Sharma said here when asked about Tata's disclosure.
Tata group, one of the biggest corporate houses in the country, has presence in number of sectors spanning from automobiles to steel to software to consumer goods.
"I have high respect for Ratan Tata because of his stature and his contribution", the minister said.
"Let me make it clear that this government is led by Prime Minister Manmohan Singh, a man of intellect and integrity.
"As India's commerce and industry minister, I can firmly make a statement that I not only believe in, but am firmly committed to the institution of integrity, transparency and dignity."
Recalling how he had spurned the bribery suggestion by a fellow industrialist, Tata yesterday had said in Dehradun: "We approached three Prime Ministers also. But an individual thwarted our efforts to form the airlines."
He, however, did not name the individual.
Amid Tatas' efforts to set up a joint venture with Singapore Airlines, a fellow industrialist had said: "You are stupid people. The Minister was asking for Rs 15 crore. Why didn't you pay the money?"
Narrating the incident, Tata said, "I did not want to go to the bed knowing well that I set up an airlines by paying Rs 15 crore."
Ratan Tata's predecessor, JRD Tata, had set up the first commercial airlines of India 'Tata Airlines' in the 1930s and that was later in the 1950s taken over by the Government and turned into Air India.
After taking over the reins of the group, Ratan Tata had tried at least on three occasion to pursue the aviation business in 1995, 1997 and 2001.
