<p>The Petroleum Ministry has taken “in principle” decision to sell off 10 per cent of government equity in the IOC and 5 per cent of stake in ONGC, the Petroleum Secretary S Sundareshan indicated here on Monday. The Ministry would soon approach the Cabinet for approval of its proposal, he said.<br /><br />The proposed disinvestment exercise in the IOC and the ONGC is expected to be completed in the last quarter of the current fiscal—2010-11, Sundareshan indicated. <br /><br />He had earlier revealed that the Petroleum Ministry had received a note from Department of Disinvestment saying that the Department had the approval of the Finance Ministry for divestment of government stake in ONGC and IOC. The government proposes to raise funds to the tune of Rs 40,000 crore through PSU disinvestment during 2010-11 as against Rs 25,000 crore in 2009-10.<br /><br />During the last fiscal 2009-10 the government divested its equities in some of the PSUs including Oil India Limited, NHPC, NTPC and Rural Electrification Corporation, National Mineral Development Corporation and Satluj Jal Vidyut Nigam.<br /><br />The government is now contemplating to sell its stake in many state-owned enterprises including MMTC, Coal India Limited, Steel Authority of India Ltd (SAIL), Shipping Corporation of India (SCI), Power Grid Corporation, Manganese Ore India (MOIL) and Hindustan Copper India Limited.<br /><br />The government has already short-listed merchant bankers to manage IPO of the MOIL.<br />The government has mobilized over Rs 1,000 crore by divesting stake in Satluj Jal Vidyut Nigam and around Rs 1,000 crore through Follow on Pubic Offer (FPO) of the Engineers India Limted. The government hopes to raise Rs 14,000 crore through disinvestment in Coal India Limited. <br /></p>
<p>The Petroleum Ministry has taken “in principle” decision to sell off 10 per cent of government equity in the IOC and 5 per cent of stake in ONGC, the Petroleum Secretary S Sundareshan indicated here on Monday. The Ministry would soon approach the Cabinet for approval of its proposal, he said.<br /><br />The proposed disinvestment exercise in the IOC and the ONGC is expected to be completed in the last quarter of the current fiscal—2010-11, Sundareshan indicated. <br /><br />He had earlier revealed that the Petroleum Ministry had received a note from Department of Disinvestment saying that the Department had the approval of the Finance Ministry for divestment of government stake in ONGC and IOC. The government proposes to raise funds to the tune of Rs 40,000 crore through PSU disinvestment during 2010-11 as against Rs 25,000 crore in 2009-10.<br /><br />During the last fiscal 2009-10 the government divested its equities in some of the PSUs including Oil India Limited, NHPC, NTPC and Rural Electrification Corporation, National Mineral Development Corporation and Satluj Jal Vidyut Nigam.<br /><br />The government is now contemplating to sell its stake in many state-owned enterprises including MMTC, Coal India Limited, Steel Authority of India Ltd (SAIL), Shipping Corporation of India (SCI), Power Grid Corporation, Manganese Ore India (MOIL) and Hindustan Copper India Limited.<br /><br />The government has already short-listed merchant bankers to manage IPO of the MOIL.<br />The government has mobilized over Rs 1,000 crore by divesting stake in Satluj Jal Vidyut Nigam and around Rs 1,000 crore through Follow on Pubic Offer (FPO) of the Engineers India Limted. The government hopes to raise Rs 14,000 crore through disinvestment in Coal India Limited. <br /></p>
