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Home News Power Sector News Centre expects Rs 20,000 crores from sale of Public sector shares

Centre expects Rs 20,000 crores from sale of Public sector shares

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disinvestmentThe central government is well on course to achieve the target of Rs 20,000 crore it had set to raise this fiscal by divesting stake in public sector units. Thus far the Centre has raised Rs 4,259 crore through the initial public offers (IPO) of Oil India and power company NHPC this fiscal. "We have a target of (collecting) roughly Rs 20,000 crore by March 2010. I think we will be able to do it," S Pradhan, Joint Secretary in Department of Disinvestment, told reporters here on the sidelines of a roadshow for NTPC's follow-on public offer (FPO).

He was replying to a query whether the government would be able to meet its target of raising money despite volatile stock market conditions.

The government has embarked on a divestment programme and will off-load stake in thermal power producer NTPC Ltd, mining major NMDC, Rural Electrification Corp (REC) and hydro-power generator Satlaj Jal Vidyut Nigam Ltd (SJVNL), this fiscal itself.

"Next, probably will be the follow-on public offer of Engineers India Ltd (EIL) because the Cabinet approval has come in. We are planning FPOs for SAIL, Power Grid Corp and an IPO for Coal India Ltd," Pradhan said without giving details.

About rail engineering and consultancy firm RITES, he said the government is not planning stake sale in it.

Source- Economic Times

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