Govt to kick off stake sale in two PSUs
If the steel ministry’s plan materialises, it could help the government meet the Rs 25,000-crore selloff target set for the current fiscal year by the Economic Survey.
By Subhash Narayan, ET Bureau |
NEW DELHI: The steel ministry has initiated steps to sell small stakes in profit-making state-run firms Manganese Ore India Ltd (MOIL) and NMDC, which it estimates could fetch up to Rs 25,000 crore.
While the ministry has cleared a proposal to divest 10% in unlisted MOIL through an initial public offering (IPO), a proposal to divest 8-20 % stake in listed NMDC (formerly National Mineral Development Corporation) is under its active consideration, said a ministry official. NMDC has a market float of just 1.62%.
If the steel ministry���s plan materialises, it could help the government meet the Rs 25,000-crore selloff target set for the current fiscal year by the Economic Survey.
The Union Budget, presented by finance minister Pranab Mukherjee on July 6, refrained from making any major commitment and proposed a modest disinvestment target of Rs 1,120 crore for the current financial year, although the central government clarified later that there could be more selloff proposals later in the year.
While the ministry has cleared a proposal to divest 10% in unlisted MOIL through an initial public offering (IPO), a proposal to divest 8-20 % stake in listed NMDC (formerly National Mineral Development Corporation) is under its active consideration, said a ministry official. NMDC has a market float of just 1.62%.
If the steel ministry���s plan materialises, it could help the government meet the Rs 25,000-crore selloff target set for the current fiscal year by the Economic Survey.
The Union Budget, presented by finance minister Pranab Mukherjee on July 6, refrained from making any major commitment and proposed a modest disinvestment target of Rs 1,120 crore for the current financial year, although the central government clarified later that there could be more selloff proposals later in the year.
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