New Delhi: Rupees 29,487 crore have been realised as disinvestment proceeds between April 1991 and March 2003, Lok Sabha was informed on July 23.

The amount has been credited to the Consolidated Fund of India, Disinvestment Minister Arun Shourie said replying to a question.

The annual provisions in the Budget for generating investment and employment, restructuring public sector enterprises and retiring public debt have exceeded the proceeds from disinvestment, he said.

Government has decided to set up a Disinvestment Proceeds Fund for financing fresh employment opportunities and investment and for retirement of public debt, Shourie said.

On whether government has received complaints from labour unions on working of present management in CMC, VSNL, IBP and IPCL, Shourie said complaints have been received from some labour unions against new managements of Balco, IPCL and VSNL.

"Unions have alleged that workers of BALCO have been laid off/retrenched without a fair deal and that the VRS is not being implemented according to provisions of the Transaction Agreement. Government has set up a fact finding team to look into this issue," he said.

He said IPCL Employees' Association had represented against unsatisfactory implementation of the agreement between government and the strategic partner; delay in implementation of the terms of long term settlement with local union; and misuse of powers relating to IPCL properties.

PTI