Govt reboots sell-off roadmap; big ticket sales soon
On the anvil is a 9.5 per cent stake sale in Hindustan Copper Ltd (HCL) expected towards the month end, followed by a 10 per cent disinvestment in state-run miner NMDC in the first half of December. The government also plans to sell 10 per cent of its equity in Oil India Ltd later next month and is hoping to follow it up with stake sales in Steel Authority of India Ltd (SAIL) and Bharat Heavy Electricals Ltd (BHEL) in 2013.
“A lot of issues are in the pipeline and we should be able to finally get some of them off the ground soon. They are all good companies and we expect that they will attract investors,” a senior finance ministry official said.
The government is hoping to raise Rs 30,000 crore from divestment proceeds in the current fiscal but is yet to launch a single public offer this fiscal. Its previous attempts at selling equity in Rashtriya Ispat Nigam Ltd and National
Aluminum Company Ltd (Nalco) were deferred due to concerns over valuations and financial performance.
But an Empowered Group of Ministers (EGoM) is expected to meet later this week to finalise the timing and pricing of the long pending disinvestment in HCL. “We will be taking a call on HCL later this week,” a disinvestment department official said, but
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