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Centre approves Disinvestment in 5 PSUs

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TNI Bureau: Centre approved the proposal of disinvestment in five public sector firms including Hindustan Copper, Oil India, RITES, MMTC and Nalco, to raise up to Rs 15,000 crore. The move would hit the stock market and help the government to achieve the target in the current fiscal during inflation.

However, the Cabinet Committee on Economic Affairs (CCEA) has not taken any decision on disinvestment of Neyveli Lignite.

The government on Friday approved the proposal to sell 10% stake in Oil India Ltd, 10% in RITES and another 9.59% disinvestment in Hindustan Copper Ltd. Also the proposal of 12.15% stake sale of Nalco and 9.33% in MMTC through Offer for Sale (OFS) route was cleared by the cabinet.

Last month finance minister P Chidambaram had asked officials to expedite the process of disinvestment to bring the condition of the market normal.

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