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CCEA okays stake sale in 4 PSUs

The process of divestment would be via the offer-for-sale route (OSF),an official statement said.

Written by ENS Economic Bureau | New Delhi |
September 15, 2012 1:01:15 am

The Cabinet Committee on Economic Affairs (CCEA) on Friday approved disinvestment of four public sector units (PSUs) including MMTC,Hindustan Copper,Nalco and Oil India to rake in around Rs 15,000 crore.

Of the government holding of 99.33 per cent in MMTC,the CCEA approved disinvestment of 9.33 per cent paid up equity while 12.15 per cent equity of Nalco from the government holding of 87.15 per cent,commerce and industry minister Anand Sharma told reporters. In Oil India,the CCEA approved the disinvestment of 10 per cent equity of the government’s holding of 78.43 per cent while it allowed disinvestment of 9.59 per cent equity in Hindustan Copper from the government’s stake of 99.59 per cent. The process of divestment would be via the offer-for-sale route (OSF),an official statement said.

Finance ministry sources said that the current fiscal’s target of Rs 30,000-crore disinvestment is likely to be met. Last fiscal,the government could not achieve the budgetary target of Rs 40,000 crore due to uncertain market conditions. It managed to raise only Rs 14,000 crore last year.

The CCEA,did not take up the issue of stake sale in Neyveli Lignite Corporation.

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