Corporate Restructuring Through Disinvestment: An Indian by Harjit Singh

By Harjit Singh

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1,913 crore was Corporate Restructuring Through Disinvestment 32 realized in three tranches during 1992-93 against a target of Rs. 3,500 crore. 2. 2 Amount realised from disinvestment in 1992-93 Month No. of PSEs disinvested Oct. 95 Dec. 83 March 1993 Total No. of shares sold (in crore) Amount realised (Rs. 51 Source: Department of Disinvestment. in Report of the Rangarajan committee on disinvestment of shares in PSEs: April 1993 The Rangarajan Committee recommendations emphasized the need for substantial disinvestment.

Deterioration of balance of payment position and increasing fiscal deficit led to adoption of a new approach towards the public sector in 1991. Disinvestment of public sector undertakings (PSEs) is one of the policy measures adopted by the Government of India for providing financial discipline and improve the performance of this sector in tune with the new economic policy of Liberalisation, Privatisation and Globalisation, (LPG) through the 1991 Industrial Policy Statement. The aims of disinvestments policy were: • • • Global perception that the private ownership leads to better use of resources and their more efficient allocation.

J. The Corporate Restructuring Market in Korea: Frontier in Capital Market, Research Paper 01–01, Korea Securities Research Institute, 2001. MORGAN STANLEY DEAN WITTER. Distressed Asset Markets in Asia, June 2000. CHAPTER Public Sector in India 2 17 OR PUBLIC SECT ECTOR IN INDIA Introduction Public sector has been considered as one of the major instruments of state intervention activity in the development process of an economy. The Public Sector Enterprises alias PSEs, which were once considered as engine of economic growth of the country, are today, at the beginning of the new millennium, no more regarded as such.

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