Goverment to raise Rs1,120 crore through disinvestment

Goverment to raise Rs1,120 crore through disinvestment
PTI
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First Published: Mon, Feb 16 2009. 05 12 PM IST
Updated: Mon, Feb 16 2009. 05 12 PM IST
New Delhi: The government on Tuesday proposed to raise Rs1,120 crore by selling part of its stakes in six public sector companies including RITES, Rashtriya Ispat Nigam Ltd (RINL) and Cochin Ship Yard, in the fiscal 2009-10.
The six public sector companies are Rail India Technical and Economic Services (Rites), Cochin Ship Yard, Telecommunications Consultants India, Manganese Ore India Ltd (Moil), Rashtriya Ispat Nigam Limited (RINL) and Satluj Jal Vidyut Nigam (SJVN), the government said in its interim budget for the next fiscal starting April 2009.
Even as the steel ministry has received proposals for disinvestment in RINL and Moil from the government, it has not yet worked out the modalities for it.
“The process for disinvestments in the two companies is underway. However, we have not yet decided how to go about it,” a senior steel ministry official said, adding merchant bankers have been roped in to prepare a road map for disinvestment.
As of now, the government holds a 100% stake in Mini-Ratna PSUs RINL and Moil. The PSUs work under the administrative control of the steel ministry.
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First Published: Mon, Feb 16 2009. 05 12 PM IST