Kolkata: The proposal to divest government's
stake in SAIL and NMDC is final and would be sent to the Union
cabinet next month for approval, Union Steel minister Vir
Bhadra Singh said today.
"The disinvestment proposal for SAIL and NMDC has been
finalised and will be put before the union cabinet in December
for approval," Singh told reporters on the sidelines of Metals
Minerals Manufacturing Expo here today.
The Steel ministry has approved the disinvestment
proposal, which has also received in-principle approval of the
disinvestment department of the finance ministry.
Asked whether disinvestment in the two Navaratna PSUs
would take place in the current financial year, Singh said,
"We will try to do something this fiscal."
The minister said the follow-on public offer (FPO) in
SAIL would be a combination of 10 per cent dilution of the
government’s equity and 10 per cent issue of additional
shares.
On steel production in the country, Singh said this year
total production of steel would be 60 million tonnes and the
production target for 2011-12 would be 124 million tonnes.
Bureau Report
First Published: Saturday, November 14, 2009, 16:48