Govt may sell 5% in Bhel to other PSUs to raise Rs 2,100 cr

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The move follows a decision by an empowered group of ministers last week The move follows a decision by an empowered group of ministers last week
SummaryMove follows decision to sell 10% in Indian Oil last week

sources said, would be given the option to buy back these shares at a per-determined price later.

A senior official in the heavy industries ministry confirmed the development, but said that formal concurrence of the ministry has not yet been given to the disinvestment department. This, however, is expected to be given next week so that the issue is wrapped up quickly, another source said.

Though the disinvestment department proposed equity sale in BHEL through market offer early last year, the move was opposed by the heavy industries ministry. The finance ministry is pushing for BHEL’s disinvestment so that it is able to reach closer to the PSU disivestment target of R40,000 crore for 2013-14. With the attorney general giving a favourable opinion on sale of the government’s residual stakes in Hindustan Zinc and Balco (both private companies promoted by Vedanta Group) without Parliament assent, the plan to raise about R14,000 crore from these sales is likely to materialise.

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