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Drumbeat: Ad Buzzaar
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Wednesday, June 10, 1998
Government must not divest stake -- Modi
Tina Edwin
NEW DELHI, June 9: FICCI president K K Modi has stated that the government should not consider divesting its stake in Maruti Udyog to 26 per cent at this juncture. Describing Maruti as the ``most valuable crown'', Modi said the last disinvestment, when the government brought down its stake to 50 per cent from 60 per cent, was undertaken without proper valuation and at a throw-away price.Modi further felt that the divestment at this stage may not fetch the government the full value for its holding as the automobile industry worldwide was going through a phase of consolidation. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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