The Cabinet Committee on Divestment on Tuesday approved the proposed strategic sale of 51 per cent of equity in Rashtriya Chemicals and Fertilisers Ltd in which the government has a stake of 92.5 per cent.

The divestment had earlier been withheld, pending finalisation of the fertiliser pricing mechanism.

The CCD also gave the green signal for privatisation of Instrumentation Control Valves Ltd to Larsen and Toubro which had quoted Rs 16.20 crore (Rs 162.5 million), against the reserve price of Rs 10.58 crore (Rs 105.8 million).

The land dispute with the Kerala government would be sorted out by the Board for Industrial and Financial Reconstruction.

The proposed divestment of Shipping Corporation of India would be reinvigorated. The government would sell 51 per cent of the equity with no ceiling on foreign equity.

Earlier, there were two bidders -- Essar and Sterlite -- for the SCI.

The process would be gone through once again now. Except the removal of the ceiling on foreign equity, all other conditions would remain and the advisers would also continue.

UNI