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This is an archive article published on February 23, 2010

Govt not to defer PSU stake sale plans

The govt will not defer plans to sell stakes in PSUs despite a poor response to recent sales.

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The government will not defer plans to sell stakes in state-run firms,required to bridge its yawning fiscal deficit,despite a poor response to two of its recent sales,a finance ministry official said on Tuesday.

India has outlined share sales to cut its fiscal deficit that is running at a 16-year high,but lacklustre response to the Rural Electrification Corp and the NTPC.

8220;No,there is no question of postponing scheduled stake sales in public sector companies which are in line for disinvestment,8221; said Sidhartha Pradhan,a joint secretary in the ministry who is in charge of stake sales.

A 754.4-million share sale in Rural Electrification Corp was barely subscribed by Monday,a day before the issue closed. The wan appetite was preceded by a similar reaction to a 1.8 billion share sale in NTPC.

Analysts have said the response to the REC offering would be a litmus test for the government8217;s plans to offload stakes.

The share sale plans include those in state-run miner NMDC,expected to raise 3 billion by end-March,Steel Authority of India Ltd,Hindustan Copper,power producer Satluj Jal Vidyut Nigam Ltd,Coal India and telecoms firm BSNL.

 

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