Maruti to further offload 0.01% of govt equity to employees of MU

New Delhi, Mar 7: The Government is presently holding 10.28 per cent of equity in Maruti Udyog Ltd after disinvesting 8 per cent to eight public sector financial institutions and banks in January 2006, as part of disinvestment process, Minister of State for Heavy Industries and Public Enterprises Kanti Singh told the Rajya Sabha today.

Ms Singh said it has been decided to off-load 0.01 per cent of Government equity to the employees of MUL. MUL is no longer a Government Company and the management control is with Suzuki Motor Corporation. The reasonableness of prices of the cars manufactured by the company are largely determined by market forces and competition amongst auto manufacturers.

Giving details of on surplus revenue with heavy industries, the Minister said so far as the Public Sector Enterprises (PSEs) under the Department of Heavy Industry are concerned, there are 13 PSEs which had surplus revenue over expenditure in 2004-05.

As per the latest audited results available for 2004-05, these 13 PSEs made a profit before tax of Rs 1691 crore, she added.

On the premium brand watches by HMT, Ms Singh said that HMT Watches Ltd, a subsidiary of HMT, has tied up with Godrej&Boyce, Prima Division as a distributor on all-India basis. Godrej&Boyce will retail HMT watches through its marketing network.

She denied that HMT Watches Ltd. was looking for foreign partners to manufacture premium bands of watches in India as it has its own integrated manufacturing facilites.

UNI