The raging controversy over the divestment of public sector oil companies notwithstanding, the government completed 25 transactions and added Rs 8,661 crore to its selloff kitty in 2002.
During the current financial year, however, the government is likely to garner only Rs 5,000 cr from the divestment of public sector units (PSUs), which is Rs 7,000 crore short of its Budget target of Rs 12,000 crore. The selloff proceeds stood at Rs 3,336 till the end of December, 2002.
The disinvestment deals that materialised in the past 12 months include IBP Ltd, Videsh Sanchar Nigam Ltd (VSNL), Indian Petrochemicals Corporation Ltd (IPCL), Maruti Udyog Ltd, and Hindustan Zinc Ltd, which raked in Rs 8,661.33 crore for the government.
The figure included sale proceeds, special dividends and dividend taxes, a ministry release said.
Other successful deals of the year comprise hotel properties of India Tourism Development Corporation (ITDC) and Hotel Corporation of India Ltd (HCI).
These include properties at Madurai, Udaipur, Mamallapuram, Delhi (Ranjit and Qutab) and Mumbai (Juhu Centaur and Airport Centaur).
Ever since the department of disinvestment was converted into a ministry three years ago, 34 transactions have been completed, bringing in Rs 11,300 crore for the government.
It was against this backdrop that the performance of the ministry assumed significance in 2002, the release said.
The ministry also pointed out that the scrips of companies on the disinvestment list rose sharply, as much as five times in cases like HMT, during 2002.
In the next few months, the government expects realisations to the tune of Rs 1,442 crore from its divestment process, mainly on account of the initial public offer of 25 per cent equity in Maruti, slated to be completed by March 2003.
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