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PM asks ministries to work out stake sale plans in BHEL,CIL

Sriprakash Jaiswal and Praful Patel met the Prime Minister to iron out differences over disinvestment of Coal India.

Written by Press Trust Of India | New Delhi |
December 4, 2013 2:19:08 am

Eager to meet the Rs 40,000-crore revenue target from disinvestment,Prime Minister Manmohan Singh today asked ministries of coal and heavy industries to explore options like share buyback and special dividend to meet the budget estimate.

Union coal minister Sriprakash Jaiswal and heavy industries minister Praful Patel met the Prime Minister to iron out differences over disinvestment of Coal India Ltd (CIL) and Bharat Heavy Electricals Ltd (BHEL).

“BHEL and Coal India have been asked to come back with various options. These options are buyback,dividend payments,disinvestment,” finance minister P Chidambaram,who also attended the meeting,said.

“Ministry of heavy industries,coal ministry (has been asked) to work out the best option for raising proceeds as alternative to disinvestment. The money has to be raised through these options,” he said.

Auctions likely in March: Jaiswal

New Delhi: The government is likely to hold coal block auctions in March next year,coal minister Sriprakash Jaiswal said.

He also said the government is not considering giving back the 11 coal blocks deallocated recently. “The auction of coal blocks may happen by March next year,” the minister told reporters here.

Earlier he had expressed the hope that the auction could happen in December. PTI

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