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Govt. to sell its stake in 5 PSUs by March
Tuesday, 27 July 2010, 22:32 IST |
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New Delhi: The government will disinvest its stakes in Coal India, PowerGrid Corporation, Hindustan Copper, Steel Authority of India, and Manganese Ore this fiscal, according to Sumit Bose, Disinvestment Secretary.
In the sidelines of a function held to announce the follow-on public offering of Engineers India, Bose said, "All five of them (disinvestment) will happen this fiscal itself."
The over 
9,000-crore EIL issue hits the market on Tuesday. Earlier this year, the government had raised around 1,000 crore by selling its stake in Satluj Jal Vidyut Nigam.
The most interesting aspect of the disinvestment would be Manganese Ore where the government would divest 10 per cent stake along with 5 per cent each from two other shareholders the State governments of Maharashtra and Madhya Pradesh, Bose said. He also exuded confidence that the Department would be able to achieve its target of raising 40,000 crore from the divestment proceeds in the current fiscal.
Bose hinted that Coal India would be the first among the five companies to hit the markets this fiscal and added that Power Finance Corporation was not on the selloff list.
Source: PTI
9,000-crore EIL issue hits the market on Tuesday. Earlier this year, the government had raised around 1,000 crore by selling its stake in Satluj Jal Vidyut Nigam.
The most interesting aspect of the disinvestment would be Manganese Ore where the government would divest 10 per cent stake along with 5 per cent each from two other shareholders the State governments of Maharashtra and Madhya Pradesh, Bose said. He also exuded confidence that the Department would be able to achieve its target of raising 40,000 crore from the divestment proceeds in the current fiscal.
Bose hinted that Coal India would be the first among the five companies to hit the markets this fiscal and added that Power Finance Corporation was not on the selloff list.
Source: PTI