Friday, August 5 2005 17:04 Hrs (IST) - World Time -

New Delhi: The Government today (Aug 5, 2005) said the disinvestment of Bharat Heavy Electricals Limited (BHEL) has been put on hold while a decision to sell stake in Tide Water Oil will depend on the recommendations of Board for Reconstruction of Public Sector Enterprises.

"We are a transparent government. We will look at all the objections to sale of government shares in BHEL. We do not want to steamroll our way. Till the consultations are over we would not go ahead with the sale of BHEL shares," Minister of Heavy Industry and Public Enterprises Santosh Mohan Dev said.

On the sale of remaining stake in Maruti, Dev said, "It is not in my pocket".

The minister was addressing media persons on the sidelines of a Directors Certification Programme on corporate governance organized Standing Conference on Public Enterprises.

Dev said the Heavy Industry Ministry proposal to sell stake in Tide Water Oil would be put before the Board for Reconstruction of Public Sector Enterprises (BRPSE) when the case for revival for the holding company Andrew Yule is taken to it.

Earlier, Government had indicated that it wants to sell the entire 27 per cent stake in Tide Water Oil.

Apart from Tide Water Oil, the Government is also planning to sell the electrical equipment business of Andrew Yule.

Few companies, including petroleum giant Oil and Natural Gas Corporation, are reportedly doing due diligence for Tide Water Oil. ONGC already has a stake in the company.