Dev open to Maruti stake sale

The government has set in motion the process of offloading its remaining stake in Maruti Udyog Ltd.

"We have offered to the finance ministry sale of the 10.24 per cent stake that the government has in Maruti, and it is now up to them to take a call," Heavy Industries Minister Santosh Mohan Dev told reporters today.

Last year, the government had sold 8 per cent shares in Maruti for more than Rs 1,500 crore. The Cabinet will take a final decision on divesting the remaining 10 per cent stake in the car-maker. Following the Cabinet's approval, an inter-ministerial group will discuss the modalities of the divestment.

Dev said the prime minister had also agreed in principle to release Rs 138 crore towards the salaries and other statutory dues of PSUs under the Ministry of Heavy Industries.

The sum was a part of the Rs 350-crore package for all PSUs. The government would pump in additional capital in HMT's tractor unit.

Bharat Heavy Plates and Vessels, and Bharat Pumps and Compressors would be handed over to other PSUs as part of the restructuring package, the minister added.