<span style="color: #222222;">The Union Cabinet has approved the proposal for empowering the Board of Directors of the Holding and Parent Public Sector Enterprises to recommend and undertake the process for Disinvestment or closure of any of their subsidiaries, units, and stake in Joint Ventures. The cabinet has also empowered Alternative Mechanism to accord in-principle approval for disinvestment, sale of stakes in Joint Ventures of Holding, and Parent Public Sector Enterprise of Maharatna PSEs.<br />''<br />''The process for undertaking the strategic disinvestment transactions and closures to be followed by the Public Sector Enterprises should be open, based on the principles of competitive bidding, and consistent with the guiding principles to be laid down. For strategic disinvestment, such guiding principles will be laid down by Department of Investment and Public Asset Management, DIPAM.</span><br />