Divestment target looks stiff as CIL, ioc stake sales get postponed

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SummaryThis year’s PSU stake sale programme seems to be getting perilously back-loaded. With the administrative ministries of two PSUs

10% in IOC was cancelled at the last minute after the oil ministry backed out. Hoping to garner R4,000 crore through IOC, the oil ministry cited the refiner's weak share price and uncertainty over a new fuel-subsidy formula as the reasons for pulling out. Despite finance minister P Chidambaram’s intervention, the stake sale looks unlikely in December.

The government is also planning a buyback in NHPC and stake sale in Engineers India and Power Grid Corporation in the fourth quarter.

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