Tuesday, January 25 2005 18:18 Hrs (IST) - World Time -

New Delhi: The Government move to disinvest in BHEL (Bharat Heavy Electricals Limited) and Maruti Udyog Ltd (MUL) was against the spirit of National Common Minimum (NCP) Programme of United Progressive Alliance (UPA) and would be "strongly" opposed, the CPM (Communist Party of India-Marxist) said today (Jan 25, 2005).

"We have heard of Government's proposal to divest its 10 per cent equity in BHEL. We are going to strongly oppose it. We will voice our objection at the next UPA-Left coordination committee meeting and ask the Government to reconsider it," CPM Polit Bureau member Prakash Karat told reporters in New Delhi.

"It is a Navratna company. We are not for selling Government stake just to meet budgetary deficit. We know there is a budgetary shortfall," he said.

Karat said NCMP had stated that profitable public sector undertakings could go to market for their own purpose but that pretext should not be used to meet budgetary shortfall.

"These measures will eventually lead to privatisation of Navratnas." He said though majority stake in Maruti Udyog Ltd was with Suzuki the party did not favour liquidating the Government equity.

The Government plans to sell 10 per cent equity in Bharat Heavy Electricals Ltd and 7.5 per cent shares in Maruti Udyog Ltd next fiscal to raise about Rs 2,500 crore.

Heavy Industries Minister Santosh Mohan Dev today met Finance Minister P Chidambaram in this regard and the Cabinet is expected to take up the proposal on Thursday (Jan 27, 2005).