The Shipping Ministry is planning to dilute the government`s stake in three companies under it -- Cochin Shipyard, Shipping Corp of India (SCI) and Dredging Corp of India (DCI) in the next fiscal (FY11).
The government on Monay said 60 state-owned companies are likely to hit the capital market in the next couple of years, with steel giant SAIL and coal major CIL coming out with IPOs in the next fiscal itself.
The government is expected to sell shares in 17 to 18 state firms in each of the next two fiscal years, with an issue happening every two to three weeks, an Indian daily reported, citing an unnamed government official.
Government tender documents and minutes pertaining to the Rs 551.5 crore disinvestment of the Bharat Aluminium Company (BALCO) in Chhattisgarh`s Korba district eight years ago cannot be traced by the ministries concerned.
Coal India will soon approach the
market regulator SEBI seeking clarity on whether the PSU can
issue shares to the employees of its subsidiaries at the time
of disinvestment and the Initial Public Offer.
Clearing the suspension over the disinvestment process, the Centre on Thursday said that all profitable central public sector enterprises (CPSEs) will be listed and those already listed will have to give minimum 10% holding to public.
The Planning Commission on Wednesday pitched for "aggressive" disinvestment, and said the proceeds from sale of government shares in public sector undertakings should be utilised for new investment projects.
The government`s nod for stake sale in state-run power utilities - NTPC and Satluj Jal Vidyut Nigam (SJVNL) - is expected to bolster investor sentiment and propel the stock markets in days to come, analysts said.
The Disinvestment Department is working on a proposal to seek Cabinet approval for sale of government equity in MMTC Ltd, but disinvestment in the trading giant would be possible only in the next fiscal.
Describing reports that government was trying to privatise the public sector as a "malicious propaganda", Union Finance Minister Pranab Mukherjee on Saturday said the Centre`s policy was to strengthen PSUs and not weaken them.