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NHPC, Oil India IPO this year; RITES divestment deferred: FM

NHPC, Oil India IPO this year; RITES divestment deferred: FM
PTI
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First Published: Tue, Jul 14 2009. 02 11 PM IST
Updated: Tue, Jul 14 2009. 02 11 PM IST
New Delhi: The government on Tuesday said it would divest its holding in NHPC Ltd and Oil India through initial public offer in the current financial year, but has deferred public issue of RITES Ltd.
The government also approved disinvestment of the two loss-making companies — Tyre Corporation of India Ltd (TCIL) and Central Inland Water Transport Corporation Ltd (CIWTC), finance minister Pranab Mukherjee told Rajya Sabha in a written reply.
“The public offerings of NHPC Ltd and Oil India Ltd are likely to be completed in the current financial year. The public offering of RITES Ltd has been deferred for the present by the company due to change in capital requirements of the company,” he said.
He said NHPC Ltd, Oil India and RITES Ltd had proposed to make public offerings of their equity.
The government decided to disinvest a small portion of equity out of its shareholding in these companies in conjunction with their public offerings, the finance minister added.
“While considering the recommendations of Board for Reconstruction of Public Sector Enterprises for revival, restructuring of loss making TCIL and CIWTC, the government approved disinvestment of two companies,” Mukherjee said.
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First Published: Tue, Jul 14 2009. 02 11 PM IST
More Topics: Divestment | IPO | NHPC | Oil India | Pranab Mukherjee |