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No decision on disinvestment of RITES

New Delhi, June 12, 2009

Railway Minister Mamata Banerjee has said she had not taken a decision on disinvestment in the Public sector companies her ministry administrative control.

“No communication regarding disinvestment in railways has come to me. If I am not aware of it, how can I take a decision?,” Banerjee told mediapersons at an informal meeting here when asked about the government’s stake in sale proposals.

Earlier there were reports that the government was considering selling stake in railway consultancy firm, RITES Ltd. However, the minister said she had not been informed about any such plans.

“I have not been informed or asked about any disinvestment plans. I had a meeting with the RITES chairman even yesterday (Wednesday). But he did not discuss anything about IPO (initial public offering),” Banerjee added.

As regards Trinamool Congress’ view on disinvestment, she said: “We have reservations on disinvestment in the banking and insurance sectors.”

RITES, formerly Rail India Technical and Economic Services, had last year applied for the Securities and Exchange Board of India’s (SEBI) approval for issuing IPO. Though it received the market regulator’s nod, the government had to hold back the plan due to the Left parties’ opposition.

Though it received the market regulator’s nod, the government had to hold back the plan due to the Left parties’ opposition   

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