Question

how can someone privatize an industry

Answer 1

By industry you mean An individual firm or the WHOLE industry?

Answer 2

Cut off government involvement, leave everything to private firms/companies thus diverting profits to individual corporations.

Answer 3

Privatisation is where a government controlled industry, such as healthcare in the UK/Canada etc. is essentially sold to private companies, so that the government stake reduces to zero. Once the industry is completely in private firms ownership, it is fully privatised.