Govt may sell part of its Nalco, SCI stake

NEW DELHI: Government may consider divesting part of its stake in blue chip PSUs like Nalco, SCI and others via public offers this fisc. The idea is to unlock value in some of these PSUs at a time when the stock markets are upbeat.

The government has already made such intentions clear in regard to some PSU oil stocks, by untangling cross-holdings between ONGC and IOC.

This will raise supply of the two PSU stocks in the market, thereby absorbing the ever-growing FII-driven liquidity on the bourses.

The government is currently seeking views of administrative ministries to arrive at a consensus on the proposed divestment of oil and non-oil PSUs.

Sources said there is ample political consensus on the public offer route to divest PSUs. Even the common minimum programme is in favour of piecemeal divestment while maintaining government control over profit-making PSUs.