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December 27, 2001
0230 IST
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Govt to sell stake in IBP, VSNL, ITDC & HCI by January next

The government on Wednesday night decided to sell its stake in Indo-Burma Petroleum (IBP), Videsh Sanchar Nigam Limited (VSNL) and 11 hotels of the Indian Tourism Development Corporation (ITDC) and Hotel Corporation of India (HCI) by January 2002 but deferred privatisation of loss- making Hindustan Copper till its financial restructuring.

The government also decided to sell a 51 per cent stake in profit-making Shipping Corporation of India (SCI) with a cap of 25 per cent for foreign investment.

Announcing the decisions taken at an extended meeting of the Cabinet Committee on Divestment chaired by Prime Minister Atal Bihari Vajpayee, Divestment Minister Arun Shourie said issues relating to surplus land, tax tangle and security would be settled before closing of the price bids that could spill over to early February.

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