Stake sale of NMDC is approved

Move to fetch exchequer over Rs 13,500 crore

 
“The Cabinet Committee on Economic Affairs (CCEA) last week had cleared the government’s additional 8.38 per cent stake sale in NMDC,” Singh told PTI. At present, the government holds about 98.38 per cent in the navratna firm. About 1.62 per cent holding has already been made public.

The government’s two-phase share sale programme for Steel Authority of India (SAIL) may also get the Cabinet go-ahead by the end of December, he added. Meanwhile, the inter-ministerial group (IMG) on disinvestment is expected to discuss on Thursday the appointment of investment bankers and advisers for the NMDC disinvestment, thus kicking start the stake sale process in the nation’s largest iron ore producer. Top officials from NMDC, including CMD Rana Som, is likely to attend the meeting.

“The IMG is expected to chalk out the disinvestment process for the company and also talk about appointment of investment bankers, advertising agencies, issue adviser, among others,” an official said.  Besides NMDC, the ministry has also recommended share sale programmes of two of its PSUs—SAIL and MOIL— to the disinvestment department.

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