Centre to put 3 PSUs on block

Aug 10, 2010 |

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New Delhi, Aug. 10: The government is considering to sell its stake in many public sector companies including Shipping Corpor-ation, MMTC, and Manganese Ore India Ltd (MOIL), through public offering, Parliament was informed on Tuesday.

“The 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,” the minister of state for finance, Mr Namo Narain Meena, said in a written reply to the Rajya Sabha.

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

The disinvestment secretary, Mr Sumit Bose, had said recently that divestment in identified companies is likely in the current fiscal. 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 FPO.

Besides, the government plans to sell five per cent stake in ONGC and 10 per cent in Indian Oil Corp to raise about Rs 21,000 crore this fiscal, the oil secretary, Mr S. Sundareshan, said last week.

The government had raised Rs 25,000 crore through the stake sale in state-owned Oil India Ltd, NMDC, REC and NTPC during 2009-10.

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