The cabinet has decided that no further disinvestment should be done in the Steel Authority of India Ltd for the time being.

In IPCL it has been decided to offload 25 per cent equiity to a strategic buyer along with transfer of management control.

The cabinet has decided that disinvestment should be done on a stand-alone basis in the two Indian Tourism Development Corporation owned properties -- Ranchi Ashok Bihar Hotel Corporation and Utkal Ashok Hotel Corporation. The inter-ministerial group constituted by the ministry of tourism in respect of ITDC will be authorised to process the disinvestment proposals in respect of these two companies also.

In EIL it has been decided to offer 26 per cent of the equity to a strategic buyer with the provision for joint orrotational management control. In addition it has been decided to offer 18 per cent of the equity to the public, 10 per cent to financial institutions, 10 per cent to public sector companies and 10 per cent to companies availing EIL's expertise.

The cabinet also approved through a global process of competitive selection of merchant bankers for National Fetilisers Ltd, EIL, IPCL, HTL and Fertilisers and Chemicals of Travancore (FACT)

The union cabinet also approved a bilateral air transport agreement between India and Russia. The new arrangement will provide a firm legal basis for further development of bilateral aviation relations between the two countries taking into account the political developments after the creation of the Russian Federation.