Senate queries government's plan to sell majority stake in sugar millersThe decision by the Government to sell a majority stake in sugar factories to strategic investors has been questioned by a Senate committee. The Departmental Committee on Trade said a majority stake in the hands of private players could give new owners immense powers to use millers’ land and other assets for personal gain. The Privatisation Commission (PU) wants a sale of 51 per cent stake in the five millers to a strategic investor. SEE ALSO :Esther Passaris comes to the rescue of ailing football teamsThe State will be left with a 25 per cent stake while the 24 per cent shareholding will be sold to farmers and staff. “A 51 per cent stake in the millers will give the investors power to call all the shorts.

Source: Standard Digital April 11, 2019 21:11 UTC