Govt to sell its stake in 3 PSUs

MMTC, Shipping Corporation of India & Manganese Ore India Limited in line

Govt to sell its stake in 3 PSUs

 Namo Narain Meena“Government is considering stake sale through public offerings in MMTC, Coal India, Steel Authority of India Ltd (SAIL), Shipping Corporation of India (SCI), Power Grid Corporation, Manganese Ore India (MOIL) and Hindustan Copper India Limited,” Minister of State for Finance Namo Narain Meena said in a written reply in the Upper House.

The Cabinet has already given its nod for government’s stake sale in Coal India, Steel Authority of India Limited, Power Grid Corporation and Hindustan Copper, while the government has already short-listed merchant bankers to manage MOIL IPO.

As per the indicating given in the budget 2010-11 the government proposes to raise Rs 40,000 crore through PSU disinvestment in the current fiscal.  The government had raised Rs 25,000 crore through PSU disinvestment in 2009-10. The government has mobilized over Rs 1,000 crore by divesting stake in state-owned Satluj Jal Vidyut Nigam and around Rs 1,000 crore through Engineers India FPO. The government hopes to raise Rs 14,000 crore through disinvestment in Coal India Limited Besides, the government is planning to sell 5 per cent stake in Oil and Natural Gas Corporation (ONGC) and 10 per cent in Indian Oil Corporation (IOC) to raise about nearly Rs 25,000 crore in the current fiscal.

The Petroleum Secretary S Sundareshan has revealed that the Petroleum Ministry has received a note from Department of Disinvestment saying that the Department has the approval of the Finance Ministry for divestment of government stake in ONGC and IOC.

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