Govt to sell part stake in SAIL, RINL, HAL in FY15

By PTI
05 August, 2014

The government is looking to sell 5 per cent stake in SAIL and 10 per cent each in RINL and HAL in the current fiscal, besides an outright sale of Tyre Corporation of India.

The disinvestment of 10 per cent through an initial public offer (IPO) in Rashtriya Ispat Nigam Ltd (RINL) is “tentatively scheduled for completion in the current financial year”, Finance Minister Arun Jaitley said in a written reply in the Lok Sabha.

He further said that 5 per cent stake sale in SAIL is also scheduled for completion this fiscal.

In a separate reply, Minister of State for Finance Nirmala Sitharaman said that government considers outright sale of a CPSE only when all efforts to revive that loss making or sick CPSE fails.

“The department of disinvestment is presently engaged in disinvestment of only one such CPSE, namely Tyre Corporation of India (TCIL),” Sitharaman said.

Sitharaman further said that the Cabinet has already approved 10.82 per cent stake sale in SAIL and an IPO of 10 per cent of stake in each of RINL and Hindustan Aeronautics Ltd (HAL).

Further, the Cabinet has also approved sale of residual government equity in Hindustan Zinc and Balco.

In the Budget, the government has estimated to collect Rs 43,425 crore from selling stake in PSUs and another Rs 15,000 crore from sale of residual stake in the erstwhile government companies.

“The disinvestment targets were not achieved during the last three years. The government will make disinvestment process more effective in order to achieve the budgetary target of the current year,” Sitharaman added.

Of the disinvestment target of Rs 40,000 crore in 2013-14, the government had mobilised Rs 15,820 crore. In 2012-13, of the Rs 30,000 crore target, Rs 23,957 crore was raised. In 2011-12, only Rs 13,894 crore was raised of the Rs 40,000 crore target.


Leave Your Comment
Govt to sell 5% each in ONGC, SAIL this fiscal; could fetch over $3B

Govt to sell 5% each in ONGC, SAIL this fiscal; could fetch over $3B

PTI 3 years ago
Finance Ministry is considering to sell 5 per cent stake in ONGC in the current fiscal, which could garner about Rs 17,000 crore to the...
Govt to sell 10% stake in Rashtriya Ispat IPO

Govt to sell 10% stake in Rashtriya Ispat IPO

Anuradha Verma 3 years ago
State-run steel manufacturer Rashtriya Ispat Nigam Limited (RINL) has filed a draft prospectus with the capital markets regulator Securities and Exchange Board of India (SEBI)...
Rashtriya Ispat gets SEBI nod for IPO

Rashtriya Ispat gets SEBI nod for IPO

PTI 2 years ago
State-run Rashtriya Ispat Nigam Ltd (RINL) has received market regulator Sebi’s approval to raise funds through an initial public offer (IPO). The steel maker had...
No Comments

Govt to sell part stake in SAIL, RINL, HAL in FY15

Powered by WordPress.com VIP