Replying to a question on the status of Indian Petrochemicals Corporation (IPCL), for which Reliance and the Indian Oil Corporation-Soros combine are the two bidders, Sinha said the decision will take some time, as the Government has to take the monopoly factor into consideration.

Government sources said Sinha's views had the backing of some other ministers who are members of the CCD. Mere completion of the bidding process will not be taken as finalisation of divestment in any company, they added. The Government will ensure that no monopoly situation was initiated through disinvestment.

Some senior CCDmembers feel creation of monopolies could lead to a politically explosive situation for the Government. Some coalition partners of the BJP with socialist leanings are also against creation of monopolies.The sources said the Government would like to avoid a controversy at the beginning of the disinvestment process this year, as it could jeopardise stake sale in other strategic undertakings.

It is, however, believed that there are some within the Government who do not agree with the view on monopoly. The disinvestment department believes that only large private companies with financial muscle and experience of the same industry will bid for the large public-sector undertakings. If the monopoly issue is taken into consideration for every such case, it could delay the disinvestment process. They also cite the case of IPCL in this regard.

The Government's decision on IPCL disinvestment will set the trend for disinvestment of those companies where a monopoly situation is likely to emerge, said thesources.

The CCD meeting will take up the disinvestment of several firms, including Maruti Udyog, Mahanagar Telephone Nigam, Videsh Sanchar Nigam, Indian Oil Corporation, and Oil and Natural Gas Corporation.

With the Government deciding to give a fillip to the disinvestment process by evolving a short-term as well as a long-term strategy, the CCD meeting is likely to come up with plans of some big-ticket disivestments in the months to come.