Why are the disinvestment targets not being achieved from last so many years? And if I'm not wrong, not more than 8-10 companies are profitable. What are the government plans or reforms for the sick units?
Jayant Sinha: I have a very simple answer to that which is, if you all as IFAs are willing to bring in retail investors at the right valuation for the disinvestment we want to do, we'll easily meet our targets.
Right now, many of the companies that we're thinking of disinvestment are in commodity industries. And those valuations have been actually depressed because of the commodity downturn. So we are not getting the valuations that we would like to which we think that these companies can command. You know if you look at sort of cyclically adjusted valuations and so on.
So it's not because of lack of intent or lack of resolve, it's because we have to take into account market conditions as well, when we think about what is possible and not possible from a disinvestment perspective.
Rather than being critical, I think you should be quite pleased with that because these assets, these public sector enterprises belong to you. They belong to the citizens of India and I'm sure you want us to get as good a price for those assets as we possibly can get. I think we will all agree that we should, when we sell any asset, think about a time when we can get what we think is a better and fair valuation for that. So obviously, we have to take that into account. We are stewards and custodians and trustees of your money. So, we have to operate in that fiduciary capacity taking into account, what the market conditions are.
