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Hooghly Dock on the block

New Delhi, Feb. 7: The Disinvestment Commission today recommended privatisation of Hooghly Dock and Ports, the Calcutta-based company, by inducting a strategic partner after obtaining statutory clearances.

In its 17th report submitted recently, the commission said the government should offload its entire stake in Hooghly Dock and Ports to a strategic partner as soon as possible.

However, the stake will be offloaded after the government finalises a restructuring package in consultation with the bidders.

The commission noted that Hoogly Dock and Ports was nationalised in 1984 through an Act of Parliament. It said the company should be privatised only after necessary legal clearances are obtained.

The disinvestment ministry had run into problems over privatisation of Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) and had to seek the opinion of the attorney general before proceeding further.

The commission has suggested that Hooghly Docks should be closed if the government fails to find any buyer.

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