Home ECONOMY Centre to disinvest 10% stake in Odisha’s NALCO

Centre to disinvest 10% stake in Odisha’s NALCO

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Odisha Sun Times Bureau
New Delhi/Bhubaneswar, Apr 14:

The Cabinet Committee on Economic Affairs (CCEA) of the Union government has approved sale of shares from 12 Public Sector Undertakings (PSUs) including alumunium jaor National Aluminium Corporation (NALCO) in Odisha.

NALCO-logoThe Department of Disinvestment, which has proposed to the CCEA disinvestment of 5-15 per cent of government shares in these state-owned companies, has already floated a draft Cabinet note to seek approval for sale of shares in certain PSUs, sources said.

As per the proposal, 10 per cent shares would be up for grabs in NALCO, which is expected to mop up about Rs 1200 crore at current market prices.

Although it is not clear which PSU would hit the markets first as per the disinvestment roadmap, sources said that the Finance ministry is having a close watch on the markets and would sell the shares as and when the markets are favourable, the sources said.

The Centre has budgeted to raise Rs 41,000 crore through sale of PSU shares in the current fiscal and another Rs 28,500 crore through strategic sale of shares.

The other central PSUs listed for disinvestment include National Thermal Power (NTPC), Neyveli Lignite Corporation (NLC), Bharat Electronics (BEL), Hindustan Copper, MMTC, Engineers India, Rashtriya Chemicals Fertilizers (RCF), ITDC, National Fertilisers and STC.

In addition, the government has stake sales planned in Indian OilCorporation (IOC), NMDC,Bharat Heavy Electricals (BHEL), Oil and Natural Gas (ONGC), and Power Finance Corporation (PFC) that are ready to be launched. These companies could help raise another Rs 32,000 crore.

The government also plans to raise R5,000 crore through the Central Public SectorEnterprise (CPSE) exchange traded fund, which will be revamped so as to make it more investor friendly.