Divestment ministry to seek meeting with sell-off panel

NEW DELHI: With the resolution of the logjam over oil PSUs, the disinvestment ministry appears to have swung back into action. The ministry has decided to seek a date for meeting of the Cabinet Committee on Disinvestment (CCD) to be held after December 11.
The core group of secretaries on disinvestment (CGD) is scheduled to meet on December 11 to sort out issues related to privatisation of Hindustan Cables and Nepa. The government has already received financial bid for Nepa and a view has to be taken on the bid. Also, it needs a formal clearance of the CCD for going ahead with the privatisation of HPCL. The quantum of shares to be sold to the strategic partners and the employees have to be cleared by the CCD.
The secretaries panel (CGD) has approved 26% divestment of HPCL shares to strategic partner at a meeting held in March this year. The government currently holds a little more than 51% in the oil PSU. In all likelihood the CCD will clear 26% sale of shares in HPCL.
The committeed is also expected to clear transaction documents for divestment of SCI, EIL, STC, HOCL and a clutch of smaller PSUs.