FM sets Rs 5-7k cr divestment target

Posted: Wednesday, Mar 02, 2005 at 0000 hrs IST
Updated: Wednesday, Mar 02, 2005 at 0000 hrs IST

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New Delhi, March 1: In a departure from the spirit of the Budget, finance minister P Chidambaram on Tuesday virtually set a disinvestment target of Rs 5,000-7,000 crore for the next fiscal. In Monday’s Budget, he did not set any target for divestment for 2005-06, apparently under Left pressure.

The government aims to garner about Rs 50,000-70,000 crore over the next five years through disinvestment, the minister told a private news channel, reviving the hopes of an aggressive disinvestnment policy.

As per the revised estimate for this fiscal, the government would mop up Rs 4,091 crore from the disinvestment of its equity holdings in PSEs, as against the Budget estimate of Rs 4,000 crore. It had disinvested 5.2% stake in National Thermal Power Corporation earlier this year to mop up Rs 2,600 crore.

It is planning to dilute stake in Bharat Heavy Electricals by almost 5% and to sell its remaining holding in Maruti Udyog, to raise Rs 2,000 crore. Currently, the government holds 67.72% in Bhel and 18.2% in MUL.

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