Group of Ministers to decide on stake sale of ONGC, BHEL tomorrow

GURGAON: A panel of Ministers headed by Finance Minister Pranab Mukherjee will decide on stake sale of bluechip companies ONGC and BHEL tomorrow which may fetch the government about Rs 14,500 crore in the current fiscal.

"The GoM (Group of Ministers) is to meet tomorrow to consider proposals relating to disinvestment in Oil and Natural Gas Corporation (ONGC)," Oil Minister S Jaipal Reddy told reporters here today.

The GoM is likely to consider selling 5 per cent government stake in ONGC to raise about Rs 12,000 crore through the auction route, sources said.

"This may perhaps be the last (GoM meeting) before Budget (for 2012-13 is presented in Parliament on March 16)," Reddy said.

Reddy, however, refused to hazard a guess on the GoM decision. "I cannot anticipate what the GoM will decide."

Besides ONGC, the GoM will also decide on selling stake in the engineering giant BHEL, Disinvestment Secretary Mohammad Haleem Khan said, adding, "we will consider all routes allowed under Sebi guidelines".

In case of BHEL, sources said, the government is likely to offload 10 per cent stake.

Khan further said, "NBCC has filed for IPO with market regulator Securites and Exchange Board of India (Sebi). It may happen this fiscal if Sebi approves".

The government is looking at raising Rs 250 crore from sale of its stake in the NBCC.