LS clears Bill for divestment in TCIL

New Delhi, Nov 23 (UNI) The Lok Sabha today unanimously passed the Tyre Corporation of India Limited (Disinvestment of ownership) Bill, 2007, paving the way for the divestment of the government equity in the Tyre Corporation of India Limited (TCIL).

The Bill is aimed at reviving the public-sector tyre manufacturer under the advice of the Board for the Industrial Reconstruction with a strategic partner.

Earlier, replying to the debate on the Bill, Minister for Heavy Industry and Public Sector Enterprises Santosh Mohan Dev said government has accepted all the four suggestions submitted by the Ministry's Standing committee, assuring job security for all the workers for a minimum period of three years.

The Minister said government was fully aware of the fact that the pay scale of the TCIL workers was last revised in 1987 and it would definitely be looked into but this was not the right forum and not the right time to disscuss this.

Mr Dev further revealed leading tyre manufacturer has already evinced keen interest in joining as the strategic partner.

On the question of valuation of its various assets, the Minister said the selection of the strategic partner would be done with due diligence.

As a matter of policy the government has decided not to divest its shares from the Nava Ratna Central public sector companies, he pointed out.

Earlier, resuming the inconclusive discussion on the Tyre Corporation of India limited (Disinvestment of ownership) Bill, 2007 Mr M Kharabela Swain (BJP) sought to know why TCIL was selected for disinvestment.

Mr C Kupusami (DMK) said currently only one unit of the company is running and it is doing well having 270 regular employees on its roll.

Mr Swadesh Chakraborty (CPI-M), speaking in support of the Bill, observed whichever government has supported the process of disinvestment were themselves divested from the power but still his party was supporting the move as it was expected to enhance industrial activity in West Bengal.

Braja Kishore Tripathi (BJD) and V Radhakrishnan (CPI-M) also participated in the discussion.

UNI