Govt gets nod to disinvest in MFL

Nioc had earlier objected to the government8217;s decision to disinvest its share in the loss making company to below 50 per cent from the current 57 per cent.

While government and Nioc hold 57 and 25.4 per cent stake respectively in the Rs 165 crore company, the rest belongs to the public.

The EGM also passed a resolution for issue of preference shares worth Rs 190 crore to the government. Mahajan said MFL8217;s restructuring plans were now being evaluated by the government, Industrial Bank of India IDBI and other Financial institutions and addedthat approval to the scheme was expected by the end of this month.

The restructuring scheme involves rescheduling of loans and reduction of interest rates, he said.