TCI Disinvestment Approved by India’s Lower House

India’s national house of representatives, the Lok Sabha, on November 23 passed the Tyre Corporation of India (Disinvestment of ownership) Bill, 2007 by voice vote. The move brings the divestment of the Indian government’s equity in the troubled entity another step closer. The Bill also seeks to revive the fortunes of the government controlled public sector corporation through pairing with a strategic private industry partner.

India’s minister for heavy industry and public sector enterprises, Mr Santosh Mohan Dev, said the government agreed upon four suggestions submitted by the ministry’s standing committee.