Privatization in a narrow sense, implies the induction of private ownership in publicly owned enterprises, but in a broader sense, it connotes besides private ownership the induction of private management and control in the public sector enterprises. It can also be referred as the general process of involving the private sector in the ownership or operation of a state owned enterprise. Thus the term refers to private purchase of all or part of a company.

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Keywords: Privatization, Public Sector Enterprises, Private Purchase, Market Force.