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CII welcomes govt's divestment plan

Industry circles welcomed the in principle cabinet clearance for the proposed divestment of ten public sector units in the current fiscal and called for complete divestment of Air-India, Indian Airlines, ITDC, BALCO and IPCL this year.

The government's proposal to consider a long-term plan for divestment is encouraging, the Confederation of Indian Industry, or CII, said.

The decision of the cabinet to go ahead with divestment on such a large scale is a welcome sign that the divestment programme is firmly on track. It is encouraging to note that the government is now looking at selling large stakes in companies in order to truly privatise them, instead of selling small stakes to raise revenue.

The announcement indicates that the government is keen to undertake a transparent process of divestment, the CII said.

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