SAIL, NALCO, MMTC stake sale in current fiscal: FinMin
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SAIL, NALCO, MMTC stake sale in current fiscal: FinMin

Last Updated: Friday, February 22, 2013, 16:42
 
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SAIL, NALCO, MMTC stake sale in current fiscal: FinMin
New Delhi: Government on Friday said it will sell minority stake in four more companies, including SAIL and NALCO this fiscal to achieve the Rs 30,000 crore disinvestment target for the current financial year.

In a written reply to a query in the Lok Sabha, Minister of State for Finance S S Palanimanickam said the government will sell 12.15 percent stake in Nalco, 9.33 percent in MMTC, 12.50 percent in Rashtriya Chemical and Fertiliser (RCF) and 10.82 percent in SAIL.

The four sell offs would be conducted through the Offer For Sale (OFS) or auction route.

"Central trade Unions have demanded stoppage of disinvestment as a matter of their policy. However, disinvestment of minority stakes is carried out as per policy of the government," Palanimanickam said.

He said the government has already realised Rs 21,504.32 crore through disinvestment in five companies so far this fiscal. For the entire fiscal the budgeted disinvestment target is Rs 30,000 crore.

While Nalco stake sale is expected to fetch around Rs 1,400 crore, around Rs 3,500 crore could come from SAIL.

So far in the current fiscal, the government has raised Rs 11,458 crore though disinvestment in NTPC, Rs 3,141.51 crore from Oil India and Rs 5,973 crore from NMDC.

Besides, Rs 807 crore was raised through 5.58 percent stake sale in Hindustan Copper and Rs 125 crore from IPO of NBCC.

"The above proceeds would be used for funding the capital expenditure in social sector schemes identified by Planning Commission and Department of Expenditure," Palanimanickam said.

PTI



First Published: Friday, February 22, 2013, 16:42


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