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Home News Power Sector News Tamil Nadu mulls on consortium to buy NLC shares

Tamil Nadu mulls on consortium to buy NLC shares

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JayalalithaaSenior officials of state government went into a huddle on 08-07-2013 a day after the Centre asked the state government to appoint an officer to deliberate on transferring the five per cent of stakes in NLC to the public sector undertakings of the Tamil Nadu government.

Sources in the government said they would soon pick an official who could effectively hold discussions with the Union government with regard to purchase of the stakes of the Centre to be divested in NLC.

"A meeting headed by the chief secretary involving the top officials of finance, industries and energy departments was held at the secretariat on Monday to decide on appointing a special officer for the purpose," said a source in the secretariat.

They also added that they were contemplating whether to purchase shares through an individual entity or through a conso­rtium of PSUs. However, they pointed out that the government has not yet taken a final decision.

The Centre had acceded to chief minister J. Jayal­a­lithaa's suggestion that the 5 per cent government of India's shareholding in NLC be offered to one or more of government of Tamil Nadu's PSUs such as TIDCO, SIDCO, and TIIC.

Subsequently, the Centre had asked comments on the issue from the stock market regulator SEBI which had responded positively repl­ying that it had no issues in selling five per cent shares provided the the state's public sector undertaking chosed by the government was a competent entity and registered with SEBI as a Qualified Instit­utional Buyer (QIB).

Source- Deccan Chronicle


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