New Delhi, Oct. 15: The disinvestment commission today recommended the privatisation of Central Cottage Industries Corporation (CCIC) and North-Eastern Electric Power Corporation (Neepco) to a strategic buyer.
The CCIC is wholly owned by the government and employs about 500 people. The commission has favoured the sale of 100 per cent equity in CCIC to a strategic buyer through the competitive bidding route.
CCIC operates five emporiums located in prime localities at Delhi, Mumbai, Calcutta, Bangalore and Chennai besides a manufacturing facility in Noida.
In the case of Neepco, the commission has recommended the sale of 51 per cent stake to a private partner through the competitive bidding route.
Neepco was incorporated in 1976 as a wholly-owned government enterprise to exploit, utilise and develop the inherent power generation capability of the Northeast for the benefit of the region and the country.
The registered office of Neepco, together with its corporate headquarters is situated at Shillong. Its projects — completed, ongoing and those planned for the future — are located in various states of the Northeast.
The CCIC principal job is to promote local crafts and organise their sale besides popularising them with tourists. There are six stores across the country, by the same name, all keeping up the tradition of displaying and selling crafts from various regions in India.
Central Cottage Industries has a long history of being patronised by top Indian leaders, including all presidents and prime ministers of the country, who have always turned to it when buying gifts for foreign dignitaries.