SUUTI'S SHARES NOT FOR ALL

The Cabinet in March 2012 cleared the winding up of the Specified Undertaking of Unit Trust of India (SUUTI) and the transfer of its assets (11.5% stake in ITC, 23.6% in Axis Bank and 8.3% in L&T) to an asset management company. The Finance Minister has said that the government's "SUUTI shares" in three private firms would not be sold through the competitive bidding route.