The Government has initiated the process for strategic disinvestment of non-operating units of Cement Corporation of India (CCI), Bureaucracy Today has learnt.
“The mode of sale shall be as per the guidelines of Department of Investment and Public Asset Management (DIPAM). The amount expected as sale proceeds shall be known after asset valuation of non-operating units,” Minister of State in the Ministry of Heavy Industries and Public Enterprises, Babul Supriyo in a written reply told the Rajya Sabha today.
As per CCI, its non-operating units are to be disinvested first as a part of strategic disinvestment. Currently, the units being considered under disinvestment are closed and workers have been evacuated.
According to the Minister, Niti Aayog recommended strategic disinvestment of seven non-operating units: Mandhar, Kurkunta, Nayagaon, Charkhi Dadri, Delhi Grinding Unit (DGU) in Adilabad, Akaltara, and the non-commissioned unit of Bhatinda. The Inter Ministerial Group (IMG) identified five units, out of these recommendations, for disinvestment in the first Phase - Mandhar, Kurkunta, Bhatinda, Nayagaon, and Charkhi Dadri maintaining the legal issues relating to DGU Adilabad, and Akaltara are pending.
As per the direction of IMG, the process of appointment of Transaction Advisor, Legal Advisor and Asset Valuer by CCI has already started, the Minister added.