WebSify
Follow us on
Mail
Print

Cabinet might meet today over divestment in five firms

Source : BUSINESS_STANDARD
Last Updated: Thu, Sep 13, 2012 03:52 hrs

The Cabinet is likely to take up proposals for disinvestments in Nalco, MMTC, Hindustan Copper, Oil India and Neyveli Lignite Corporation tomorrow.

The proposals comprise 12 per cent stake sale in NALCO, 9.3 per cent in MMTC, 9.5 per cent in HCL, 10 per cent in Coal India Ltd and five per cent in Neyveli Ltd.

The finance ministry has targeted raising Rs 30,000 crore from the stake sales. The disinvestment of these five companies may help the exchequer get richer by Rs 15,000 crore, half of the targeted amount.

Besides, the Cabinet had cleared disinvestment in SAIL and RINL. The department of disinvestment has already initiated the process for government stake sale through offer for sale route in Nalco and NLC. Last financial year, the government targeted Rs 40,000 crore from disinvestment. But mopped up only just over Rs 20,000 crore.

The Centre’s fiscal deficit has already touched over 51 per cent of the target for 2012-13 in the first four months of the financial year.

As the government struggles to meet its fiscal deficit target of 5.1 per cent of GDP for 2012-13, the Cabinet is likely to take up proposals for disinvestment in five big public sector companies – Nalco, MMTC, Hindustan Copper, Oil India and Neyveli Lignite Corporation—- tomorrow.




blog comments powered by Disqus
most popular on facebook
talking point on sify finance