Govt to disinvest in 5 PSUs by 2011

Earlier this year,the government had raised around Rs 1,000 crore by selling its stake in Satluj Jal Vidyut Nigam.

The most interesting aspect of the disinvestment will be Manganese Ore where the government will divest 10 per cent stake along with 5 per cent each from two other shareholders 8212; the state governments of Maharashtra and Madhya Pradesh,Bose said.

He also exuded confidence that the Department will be able to achieve its target of raising Rs 40,000 crore from the divestment proceeds in the current fiscal.

Finance Minister Pranab Mukherjee had set a target of mobilising Rs 40,000 crore this fiscal from the divestment process to part fund the social sector investment. Last fiscal the government had raised a tad over Rs 25,000 crore from partly offloading its stake in Oil India,NHPC,NTPC and REC.

As part of its five-year selloff roadmap,the Manmohan government has chalked out an ambitious disinvestment plan,under which it aims to bring down its holding to 75 per cent8211; or a minimum public holding of 25 per cent in stages in all profit-making CPSUs. That apart,the government has also identified over 60 units for possible divestment during these years.

Bose hinted that Coal India would be the first amongst the five companies to hit the markets this fiscal and added that Power Finance Corporation is not on the selloff list.