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.
 

Comments

 

Other News

Cabinet approves viability gap funding to develop grid-scale energy storage systems

The Union Cabinet, chaired by PM Narendra Modi, has approved the Viability Gap Funding (VGF) Scheme for Development of Grid-Scale Energy Storage Systems, with a total financial support of Rs.14,500 crore for the period FY 2026-27 to FY 2030-31. The scheme aims to support the development o

Cabinet creates a pathway to absorb Agniveers in Defence Forces

An objective assessment in terms of organisational requirements and operational efficiency has brought out the outstanding performance of Agniveers in terms of skills, motivation levels, physical fitness and technological prowess. As envisaged earlier, based on merit, 25% of Agniveers will be offered reg

Modi inaugurates, lays foundation stone of Pune Metro projects

Prime minister Narendra Modi inaugurated and laid the foundation stone for Pune Metro projects worth around ₹21,800 crore on Tuesday through video conferencing. Addressing the gathering on the occasion, the PM extended warm Diwali greetings to the people of Pune and Maharashtra and remarked that f

Wired for good: Building sustainable cities with AI

The First Industrial Revolution in the 18th-19th centuries ushered in a paradigm shift in how cities were imagined. Fueled by railways, factories and grids, and obsessed with speed and scale, it was an ode to efficiency, which spurred unprecedented economic growth. Now, as the Fourth Industrial Revolutio

How social media is reshaping elections

Since Brazil’s return to direct presidential elections in 1985, no candidate who finished second in the first round of polling had ever won the presidency. Luiz Inácio Lula da Silva, now 81, has just done it. What explains the comeback, and what changed in Brazilian politics to make it possi

Cabinet approves Dearness Allowance, Dearness Relief

The union cabinet chaired by prime minister Narendra Modi on Wednesday approved the release of an additional instalment of Dearness Allowance (DA) to central government employees and Dearness Relief (DR) to pensioners with effect from 01.07.2026 representing an increase of 3% over the existing rates of 6

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter