Mineral, oil, metal and energy sector firms identified for disinvestment

The government has budgeted Rs 56,500 crore of revenue from disinvestment, of which it has raised around Rs 3,183 so far

GN Bureau | August 3, 2016


#Disinvestment   #mineral   #oil   #metal   #energy  

The government has identified state-run enterprises in sectors like mineral and metal, oil, energy, capital goods as well as some mid-size and small stocks for disinvestment, the finance ministry said on Tuesday, according to a report by the Economic Times.

The government has budgeted for Rs 56,500 crore of revenue from disinvestment, including Rs 20,500 crore from strategic sales in this fiscal. But so far, it has raised around Rs 3,183 crore from disinvestment of NHPC and offer for sale (OFS) of IOCL and NTPC, minister of state Arjun Ram Meghwal informed Rajya Sabha, the report added.

He also said that the cabinet committee on economic affairs has approved the structure for “strategic disinvestment” of CPSEs, and that the government has expressed intent to participate in buyback shares proposed by NALCO, MOIL, NMDC and CIL. Last fiscal, the government was able to raise Rs 33, 172 crore as against the target of Rs 69,500 crore.

Earlier this month, the government had invited applications from merchant bankers and selling brokers in a request for proposal or RFP for sale of SUUTI holdings in different companies, which were later bracketed into three groups. The SUUTI holds 11.16 percent stake in ITC, 8.32 percent in L&T and 11.94 percent in Axis Bank at present. These holdings are together worth nearly Rs 62,000 crore.
 

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