Government mulling stake sale in MMTC SCI and MOIL (10-Aug-2010)
After giving nod to sell its stake in Coal India, Steel Authority of India (SAIL), Power Grid Corporation and Hindustan Copper, the Government is now planning disinvestment in MMTC, Shipping Corporation of India (SCI) and Manganese Ore India (MOIL) through public offerings.
The government is expected to mop up Rs 40,000 crore through selling its stake in the identified companies in the current financial year, the government has raised over Rs 1,000 crore via divesting its stake in Satluj Jal Vidyut Nigam, and about Rs 1,000 crore through Follow on Public Offer (FPO) of Engineers India.
In addition, the government is planning to sell 5% additional stake in Oil and Natural Gas Corporation (ONGC) and 10% in Indian Oil Corporation (IOC) to raise about Rs 21,000 crore this fiscal, according to Oil Secretary S Sundareshan.
Earlier, the Government had given its approval for stake sale in Coal India, Steel Authority of India, Power Grid Corporation and Hindustan Copper, while the government has already shortlisted merchant bankers to manage MOIL IPO.
The government had earlier raised Rs 25,000 crore via stake sale in Oil India, NMDC, Rural Electrification Corporation (REC) and National Thermal Power Corporation (NTPC) during 2009-10.
In a latest development the finance ministry has exempted state-owned firms from the recent rule that requires listed companies to achieve at least 25% public holding within three years after the declined to co-operate for any disinvestment if the rule was forced on them.
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