Budget 2014: Disinvestment target revised to Rs 58,425 cr -Governance Now

Budget 2014: Disinvestment target revised to Rs 58,425 cr

Target include Rs 43,425 crore from selling stake in PSUs and another Rs 15,000 crore from sale of residual stake in government companies

GN Bureau | July 10, 2014

Finance Minister Arun Jaitley on Thursday raised the disinvestment target for the current fiscal to Rs 58,425 crore, as per news report. The target include Rs 43,425 crore from selling stake in PSUs and another Rs 15,000 crore from sale of residual stake in the erstwhile government companies.

This is higher than the Rs 51,925 crore PSU stake sale target estimated in the interim budget presented in February by the UPA government.

While a 5 per cent stake sale in Steel Authority of India (SAIL) is on the cards, the disinvestment department is also looking at 10 per cent stake sale in Coal India. Also a Cabinet note has been floated for a 5 per cent stake sale in Oil and Natural Gas Corporation Ltd (ONGC) which could fetch about Rs 17,000 crore to the exchequer. Besides, another 10.96 per cent stake is likely to be on offer for National Hydroelectric Power Corporation (NHPC) and 5 per cent each in Power Finance Corporation Ltd (PFC) and Rural Electrification Corporation Ltd (REC). Besides, the department is also looking at residual stake sale in Hindustan Zinc and Balco.

With stock markets on an upturn and Securities and Exchange Board of India (Sebi) pushing for minimum 25 per cent public holding in PSUs, the disinvestment department has revised the target upwards.

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