Disinvestment programme to start again in October

The government had put on hold its disinvestment programme because of the falling rupee value, which recovered in the past few weeks after measures taken by the government and the RBI

GN Bureai | September 30, 2013



The government will kick-start its stuttering disinvestment programme in the first week of October but it is likely to scale back the target for the current fiscal.

The finance ministry, in consultation with its disinvestment department, is likely to scale back of the disinvestment target by 10,000 crore to 30,000 crore, according to a news report published in Economic Times.

The government also plans to launch public issues of Power Grid Corporation and Coal India Limited by December or January.

Road shows for 10% stake sale in IOC will start in the first week of October and the offer-for-sale could be wrapped by next month. The government expects to raise around 5,000 crore from the issue.

The government had put on hold its disinvestment programme because of the falling rupee value. The rupee has recovered in the past few weeks after measures taken by the government and the Reserve Bank of India.

According to the government's disinvestment roadmap, it will try to push 4% stake sale in Power Grid Corporation and 10% in Engineers India Limited through a follow-on offer before December 15. The government hopes to raise around Rs 3,000 crore from these two issues.

It is also trying to push Coal India, NHPC Limited and NMDC Limited to go for buy-backs, hoping that they will help it raise around 12,000 crore.

The government, which so far collected 1,323 crore through disinvestment in six state-run firms, is expected to revise the target after it holds review by the end of this year. The government official said that if 10% stake sale in Coal India had gone off smoothly, they could have met the target.

Comments

 

Other News

When religion, politics and Bollywood come together

Tavleen Singh, noted journalist and political commentator, has turned to fiction, with her debut novel ‘The Actor’ (HaperCollins India). Set in the near future, it has a superstar, Amit Singh, turning to politics, when the political landscape is dominated by prime minister Guru Gaynendraj

Cabinet approves setting up of Integrated Transport & Logistics Authority

The union cabinet, chaired by prime minister Narendra Modi, on Tuesday approved the setting up of a Special Purpose Vehicle (SPV), called Integrated Transport & Logistics Authority (ITLA), to strengthen research, planning, appraisal, monitoring and impact assessment within the broad domains of Transp

Why foundational literacy and numeracy is key to school education

Foundational Literacy and Numeracy (FLN) are often described as the building blocks of education. Yet, their significance goes well beyond a child’s ability to read a sentence, write a response or solve a basic mathematical problem. These foundational skills shape how children understand the world,

When police data becomes the algorithm

For decades, policing has followed a familiar sequence: a crime occurs, the police respond, an investigation produces records and those records become part of the institutional memory of the criminal justice system. Artificial intelligence is beginning to alter that sequence. Instead of merely recording

Before India voted, the framers worried about the referee

“We are making a Constitution forever and not only for today.” Shibban Lal Saksena said this in the Constituent Assembly on June 15, 1949. He was warning that a ruling party might one day choose a loyalist to run India’s elections. Seventy-seven years later, the Supreme Court is wrestli

Delhi moves to real-time traffic management

The Cabinet Committee on Economic Affairs (CCEA), chaired by prime minister Narendra Modi, has approved implementation of the ITMS Project by Delhi Police at an estimated cost of Rs.1,789.52 crore, inclusive of taxes. The project will cover 42 identified traffic corridors and will be implemented in three

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter