MMTC disinvestment likely this fiscal: Anand Sharma

The minister was here to attend the India-Asean economic ministers meet.According to sources, the government is likely to offload 10 per cent stake in the company. MMTC is under the administrative control of the Commerce Ministry. The government holds 99.33 per cent stake in MMTC.

However according to the ministry official, the disinvestment process of the trading firm was progressing slowly.Shares of MMTC settled at Rs 1,354 on BSE on Friday.

Aiming to raise Rs 40,000 crore through disinvestment this fiscal, the government has mopped-up over Rs 1,000 crore by divesting stake in Satluj Jal Vidyut Nigam, and around Rs 1,000 crore through Engineers India follow-on public offer.

Besides MMTC, the government is likely to offload its stake in many firms, including Coal India, ONGC, IOC, SAIL and Hindustan Copper and Power Grid this fiscal.Last fiscal, it had raised Rs 25,000 crore through stake sale in Oil India, NMDC, REC and NTPC