Disinvestment action moving on as per schedule: FM

New Delhi: Eyeing Rs. 58.425 crore by selling the government’s stake in PSUs this year, Finance Minister Arun Jaitley said that the disinvestment process is progressing as planned.

Arun Jaitley

Arun Jaitley

“The Department of disinvestment (DoD) has been appointed as advisors and in some cases the actions of a portion of the equity in PSUs to be divested are going to be provided,” he said in a speech to the Central Board of the Reserve Bank in Delhi on Sunday.

The process for disinvestment in ONGC and NHPC, among others, have already begun.

In addition, the government is trying to sell a 5 percent stake in the swim and 10% each RINL and Hal current fiscal year, in addition to the outright sale of Tyre Corporation of India.

The disinvestment 10 per cent through an initial public offering (IPO) of Rashtriya Ispat Nigam Ltd (RINL) is tentatively scheduled to be completed in the current financial year.

The disinvestment department, which deals only with the outright sale of one CPSE (Central public sector enterprises), Tyre Corporation of India (TCIL).

The government also approved the sale of government equity residual Hindustan Zinc and Balco.

“We certainly gave the figure involved, the DoD and working on it,” said Finance Minister Arun Jaitley”

In the budget, the government estimated to collect Rs. 43.425 crore selling stake in PSUs and another Rs. 15,000 crores from sale of residual stake in the former state-owned companies.

And disinvestment target of Rs. 40,000 crore 2013-14, the government mobilized Rs. 15.820 crore. In 2012-13, the Rs. 30,000 crore target, Rs. 23.957 crores raised. 2011-12 only Rs. 13,894 crores were raised to Rs. 40,000 crore target.


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