"As per the approvals today, I don't see the target (Rs 10,000 crore)reaching. Therefore, I'm pressing the government to give more cases.Otherwise, how will I reach that target," disinvestment secretary PradipBaijal said during an interaction with PTI journalists.

"We have not yet finalised the road map for disinvestment during 2000-01.There is no decision yet on selling of minority stake in companies like IOCduring the current fiscal," he said.

In order to refer more cases to the DoD, the government will "soon" set upanother disinvestment commission, official sources told The FinancialExpress. They, however, refused to specify the time-frame in which thecommission would be set up.

The first commission completed its three-year term on November 30, 1999. Itmade recommendations regarding 58 PSUs. In December, the government createdthe DoD and announced the setting up of another sell-off panel.

The deparment of disinvestment is through with its job in most of therecommendations. This is the reason that the government is consideringsetting up of another disinvestment commission.

Last year also, the government had set a disinvestment target of Rs 10,000crore, but just about Rs 2,600 crore could be achieved. Even though a numberof PSUs have been cleared for divestment, the cumbursome process offinalising global advisors and valuation is causing delays, Baijal said.During the current fiscal, the government has announced plans to divest 60per cent stake in loss-making Air India and 74 per cent in HindustanTeleprinters Ltd.

Besides, the process has already begun for sale of stake to strategicpartners in PSUs like Balco, ITDC and IPCL. Baijal said restructuring shouldprecede divestment as it would give better value to government's stake inthe PSUs by improving their balance sheets. However, restructuring couldalso go along with the disinvestment process.

On the petroleum ministry's stand that oil should be considered as astrategic sector like atomic energy, he said, "Atomic energy and railwaysare in public monompoly all over the world, barring three to four countries. On the other hand, the oil sector is no longer a public sector monopoly inother parts of the world, barring three or four countries," Baijal said.

The DoD secretary pointed out that minority stake in PSUs would be sold onlyafter a road map was prepared on the future strategy for the particularcompany.

Giving the example of IOC, he said the department has taken the view thatthere must be a road map on whether the government would disinvest only aminority stake or would offer majority stake in the company in the years tocome.

He said prior to setting up of the disinvestment department, the governmentwas only selling minority shares. Selling minority shares is very easy. Ifthe majority stake remains with the government, it would make no differenceto the culture of the PSU, Baijal said.