Petroleum Minister Ram Naik said on Wednesday that he would forward to the Cabinet Committee on Divestment the proposals from public sector units under his ministry to bid for Hindustan Petroleum Corporation Ltd after examining individual proposals.
"Every (public sector) company (which wants to bid) will have to submit to its administrative ministry a proposal and give information (on why it wants to bid for HPCL). The ministry will than take a view and forward a case to the CCD," Naik told reporters in New Delhi.
"It is ultimately for the CCD to allow or disallow (any PSU from bidding for government stake in HPCL)," he said when asked to comment on his views on the state-run exploration firm Oil and Natural Gas Corporation and gas transmission company Gas Authority of India Ltd evincing interest in acquiring HPCL.
As per the September 7 CCD decision, all public sector firms have been barred from participating in the divestments process and in special cases/circumstances the administrative ministry would have to make a case for allowing a particular PSU to make a bid for government shareholding in another.
Naik refused to speculate what stand his ministry would take on requests by ONGC and GAIL. "Let them first decide and make a formal proposal to us."
Asked if he was satisfied by the compromise formula of selling government holding to a strategic investor in HPCL and making a public offer for state equity in Bharat PetroleumCorporation Ltd, he said, "the decision was unanimous and the government will implement it (in full spirit)."
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