Cabinet nod to IOC, NTPC share sale

The Cabinet approved sale of 10 per cent stake in Indian Oil Corporation (IOC) and 5 per cent in National Thermal Power Corporation (NTPC) on Wednesday.

The sales are expected to fetch the exchequer Rs 13,600 crore at the current market price to help meet the Budgetary target for disinvestment of Rs 41,000 crore this fiscal.

The government at present holds 68.57 per cent stake in IOC and 74.96 per cent in NTPC. Sources said the share sale will be done when the pricing is right.

Disinvestment Secretary Aradhana Johri had recently told Deccan Herald that the department was in favour of taking bulk approvals for disinvestment in public sector undertakings (PSUs) so that they can enter the market when the valuations are right.