New Delhi, Dec 3 (UNI) The Rajya Sabha today took up for consideration, a Bill to provide for disinvestment of Government's equity in the Tyre Corporation of India Limited and for matters connected therewith.
The Bill has already been passed by the Lok Sabha.
Piloting the Bill, Heavy Industry Minister Santosh Mohan Dev said the Corporation, a sick unit, had been referred to the Board for Industrial and Financial Reconstruction (BIFR) in May 1992 and it had recommended capital restructuring of the company and need for a strategic partner. Its unit in Tangra was closed in August 2001, he informed.
Disinvestment was intended to bring in new technology and to further improve the profitability and market share of the company, he said.
Giving the details of the company, the Minister said the Incheck Tyres Limited and National Rubber Manufacturers Limited (Nationalisation) act was enacted to provide for the acquisition and transfer of the undertakings of the two companies with a view to securing proper management. The Central Government had transferred and vested these undertakings in the Tyre Corporation of India Limited, Calcutta in March 1984, he added.