Parliament clears disinvestment in Tyre Corporation of India

New Delhi, Dec 3 (UNI) Parliament has approved a Bill, seeking disinvestment of the Government equity in the public sector Tyre Corporation of India with the Rajya Sabha passing it today.

The Bill, which will entail the Government writing off loans and other liabilities of the loss making company, has already been passed by the Lok Sabha.

Public Enterprise Minister Santosh Mohan Dev said the government will first negotiate with trade unions before going in for disinvestment.

He said the government will also write off liabilities and loans of the company.

The ''buyers'' will usher in modernisation of the only public sector tyre manufacturing company, which will now build super-critical products, the Minister said.

He pointed out that there was a difference of opinion between his Ministry and the Ministry of Finance over certain calculations.

''After the UPA government has come to power we have not sold any company,'' Mr Dev pointed out.

BJP member Surendra Lath said the country is being flooded with cheaper Chinese tyres.

Congres member V Narayansamy said the disinvestment must not go beyond 49 per cent.

CPI (M) member Tapan Kumar Sen alleged the company has been ''slow poisoned'' to a point of no return.

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UNI