Disinvestment in four PSUs cleared

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SME Times News Bureau | 15 Sep, 2012
The government Friday decided to disinvest in four public sector undertakings to raise around Rs.15,000 crore.

The cabinet committee on economic affairs (CCEA) approved 10 percent stake sale in Oil India and another 9.59 percent in Hindustan Copper.

It also approved a 12.15 percent stake sale in NALCO through the Offer for Sale (OFS) route.

In addition, the proposal of disinvesting 9.33 percent in resources canalising agency, MMTC, was cleared by CCEA.

A proposal of a 5 percent stake sale in Neyveli Lignite Corporation, however, was not taken up. Sources said this was due to strong opposition from Tamil Nadu.

The government had earlier spoken of a target of Rs.30,000 crore from disinvestment in the current fiscal.

Raising funds from disinvestment was a pending measure in order to check a fiscal deficit that has been widening following rising food, fuel and fertiliser subsidies.

The government, in the last fiscal, had raised only Rs.14,000 crore from disinvestment against the target of Rs.40,000 crore.