Decision on NMDC stake sale on Thursday
By ENS Economic Bureau - NEW DELHI
25th October 2012 11:14 AM
The Union Cabinet is likely to take up the proposal of 10 per cent stake sale in iron ore mining major NMDC on Thursday and is also expected to discuss the National Policy on Electronics.
According to government officials, the Cabinet Committee on Economic Affairs (CCEA) will discuss the proposal to disinvest government’s 10 per cent stake in NMDC either through the follow-on public offer or offer-for-sale route.
Currently, the government holds 90 per cent stake in the Hyderabad-based iron ore producer. The last time government had offloaded its stake in NMDC was in March 2010 when it had sold 8.38 per cent through a FPO.
NMDC has an annual capacity of 30 million tonnes. For the first quarter ended June 30, the company had reported a six per cent on year rise in net profit at `1,906 crore. At current market prices, a 10 per cent stake sale could fetch the government nearly `7,000 crore.
Another major policy initiative expected to top the Cabinet’s agenda relates to National Policy on Electronics. The $400 billion domestic electronics industry can create employment for 28 million people. According to a proposal, telecom products specifically mobile phones will be declared goods of special importance under the Central Sales Tax Act.
- You are aiming high, but beware of marketers selling you as an FMCG
- Deadly year for encephalitis feared in India
- A mobile phone for Kerala CM, finally
- India becomes Kenya's largest Asian trading partner
- Pakistan's Punjab government allocates millions for JuD centre
- Wedlock valid only if consummated: High Court
- Underworld has betting syndicates in vice-like grip
- NCRB report: 1,316 juveniles booked for rape last year
- Indian Coast Guards help rescue 26 crew from shipwreck near Yemen
- Army Major captures 'UFO' in Kerala
- Now pay less for roaming calls, texts
- Callgate: Doctors were prime target for Biju, Saritha Nair
- 73 dead, over 71,000 stranded as rains batter Uttarakhand, UP
- Congress raking up secularism issue to hide its failures: BJP
- Wedlock valid only if consummated: HC
- Prices of 348 drugs to come down drastically from May 15