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Friday, June 05, 2020

Five PSUs get in-principle approval from Cabinet for strategic divestment

Neelachal Ispat Nigam, MMTC, NMDC, MECON and BHEL are the five PSUs that have received the in-principle nod, said Heavy Industries & Public Enterprises Minister Prakash Javadekar.

By: Express News Service | New Delhi | Published: January 9, 2020 1:11:44 am
Neelachal Ispat Nigam, MMTC, NMDC, MECON, BHEL, Prakash Javadekar, indian express The Cabinet also approved ratification of migration and mobility partnership agreement between India and France. The agreement, signed in March 2018, till 2025 incorporates provisions for auto-renewal.

The Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday gave ‘in principle approval’ to strategic disinvestment of five small PSUs, including Minerals and Metals Trading Corporation Ltd.

“The Cabinet approved in-principle strategic disinvestment of equity shareholding in five small PSUs — Neelachal Ispat Nigam Ltd, Minerals and Metals Trading Corporation Ltd, National Mineral Development Corp, MECON and Bharat Heavy Electricals Ltd,” Heavy Industries & Public Enterprises Minister Prakash Javadekar said while briefing the media after the meeting.

The percentage of shareholding of the government to be divested are: MMTC (49.78 per cent), National Mineral Development Corporation (10.10 per cent), MECON (0.68 per cent) and BHEL (0.68 per cent) and two Odisha state government PSUs — Industrial Promotion and Investment Corporation of Odisha Ltd (12 per cent) and Odisha Mining Corporation (20.47 per cent) —in Neelachal Ispat Nigam Limited (NINL). The strategic buyer of the stake will be identified through a two-stage process, a government communication said.

The Cabinet also approved ratification of migration and mobility partnership agreement between India and France. The agreement, signed in March 2018, till 2025 incorporates provisions for auto-renewal.

Meanwhile, the Institution of National Importance status has also been conferred on the cluster of Ayurvedic institutions at the Gujarat Ayurveda University campus in Jamnagar, as per a Cabinet decision taken Wednesday.

The Cabinet also approved promulgation of Mineral Laws (Amendment) Ordinance, 2020. The Ordinance will amend Mines and Minerals (Development and Regulation) Act, 1957, and Coal Mines (Special Provisions) Act, 2015.

“The allocation of coal or lignite blocks for composite prospecting licence-cum-mining lease has been provided (under the licence) … the requirement of previous approval in cases where the allocation of blocks was made by the Central government has been dispensed with,” an official statement said.

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