Stake sale in 4 PSUs to raise Rs 15k crore

The government’s divestment process got a big boost on Friday with the Cabinet Committee on Economic Affairs (CCEA) giving the green signal to sell minority stakes in Hindustan Copper, Oil India, MMTC and NALCO that will help it to raise nearly Rs 15,000 crore.

While the CCEA approved divestment of 9.33% stake in MMTC through an Offer for Sale (OFS) of shares, it also gave the go ahead to sell 10% stake in Oil India. The divestment in Oil India will also be done through the OFS route.

After the completion of disinvestment process, the government’s stake in MMTC and Oil India will come down to 90% and 68.43% respectively. The Government currently holds 99.33% in MMTC and 78.43% in Oil India.

The CCEA also gave its nod to divesting government’s 12.15% stake in NALCO through the OFS route. Presently, government’s holding in the aluminium and power producer is 87.15%. It also approved selling 9.59% stake sale in Hindustan Copper where in the government has a 99.59% stake.

The CCEA did not take up the proposal to divest 5% stake in NLC.