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Economy Nov 22, 2012

Govt hopeful of meeting Rs 30,000 cr disinvestment target

New Delhi: The government today said it is hopeful of achieving the disinvestment target of Rs 30,000 crore for the current fiscal.

"The government has decided to disinvest minority stake in Rashtriya Ispat Nigam Ltd, Hindustan Aeronautics Ltd, Bharat Heavy Electricals Ltd and Steel Authority of India ," Minister of State for Finance S S Palanimanickam said in a written reply to the Rajya Sabha.

The government decided to offload four percent stake in Hindustan Copper (HCL) through the offer for sale route on Friday. AFP

Besides, stake sale in Hindustan Copper Ltd, MMTC , National Aluminium Company, Oil India and NMDC would also take place, he said. "The government is hopeful of achieving the budgetary target of Rs 30,000 crore during the current financial year," he added.

"Disinvestment depends on factors like, preparedness of the Central Public Sector Enterprises (CPSEs) to approach the capital market, prevailing capital market conditions, compliance and approvals by regulatory authorities like Securities and Exchange Board of India, Reserve Bank of India and the Registrar of Companies," he said.

Yesterday, the government decided to offload four percent stake in Hindustan Copper (HCL) through the offer for sale route on Friday. The sale will take place on the separate window of the stock exchanges. The government would further dilute 5.59 percent stake in the company in the second tranche to bring down its holding to 90 percent.

PTI


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