Govt to divest minority stake in 10 PSUs: finance ministry
The government today said it has decided to divest stake in 10 companies, including Oil India, SAIL and Hindustan Aeronautics.business Updated: Dec 06, 2012 16:13 IST
The government on Thursday said it has decided to divest stake in 10 companies, including Oil India, SAIL and Hindustan Aeronautics.
The government has decided to disinvest its stake in some of the public sector undertakings, minister of state for finance SS Palanimanickam said in a written reply to the Rajya Sabha.
"The realisation would depend upon prevailing market conditions and investor interest at the time of actual disinvestment," he said.
As per the plan, the government will sell 10% stake each Rashtriya Ispat Nigam Ltd (RINL), Hindustan Aeronautics Ltd (HAL), Oil India and NMDC.
Besides, it plans to offload 12.15% in NALCO, 10.82% in SAIL, 9.50% in NTPC and 9.33% in MMTC.
Also, a 5% stake sale in BHEL and another 4.01% in Hindustan Copper is in the pipeline.
During the current financial year, government disinvested 10% in NBCC and 5.58% of Hindustan Copper Ltd (HCL) out of its shareholding and realised an amount of Rs. 124.97 crore and Rs. 807.02 crore respectively totalling to Rs. 932 crore.
The finance ministry has already said that the government is taking necessary action to achieve the budgetary target of Rs. 30,000 crores set for the financial year 2012-13.
Last month, the government sold 5.58% stake in HCL for about Rs. 807 crore at an average price of Rs. 156.56 apiece, with bulk of the bids coming from LIC and PSU banks.
The government has already initiated the process of disinvestment of 10 % of stake in NMDC, 9.3% in MMTC, and 9.5% in NTPC.
Besides, the Cabinet has also okayed disinvestment of 12.1% in Nalco.