Selloff body clears Manganese Ore divestment

NEW DELHI: Core Group of Secretaries on Disinvestment has cleared disinvestment of Manganese Ore India.
At a recent meeting the CGD approved sale of government equity overruling steel ministry''s obejections to the proposed sale, sources said. However, Disinvestment Department officials declined to comment on the issue.
The Disinvestment Department would now proceed to finalise a cabinet note on the issue spelling out the modalities of the proposed disinvestment exercise.
Earlier, steel ministry had opposed disinvestment of government equity arguing that economic conditions were not favourable for the sale.
The CGD is reported to have given in-principle clearence to the propsed sale leaving aside the reservations of the steel ministry to be dealt with at the time of the sale.
Disinvestment Department is learnt to be in agreement with the Disinvestment Commission''s recommendations on offloading majority stake in the company.
It had recommended sale of 51 per cent stake in favour of strategic partner.
The commission felt continuance of MOIL in the public sector domain would neither be essential for conservation of manganese ore nor vital for maintaining the domestic price of ferro manganese.