Cabinet to take up SAIL disinvestment proposal soon

Cabinet to take up SAIL disinvestment proposal soon

New Delhi: A 20% share sale proposal in PSU steel maker SAIL will be taken to the Cabinet by mid-January next year, steel secretary Atul Chaturvedi said on Thursday.

“The 20% share sale proposal of SAIL will be moved to the Cabinet in next 3-4 weeks," he told reporters on the sidelines of the Ficci Steel Summit in the national capital.

He said the draft proposal that has been approved by the steel ministry and has now been sent to different ministries for comments.

The share sale programme for the country’s largest steel maker will see the government offload 10% stake in the company and SAIL coming out with a public offer in the same proportion, in two phases.

The government at present holds a little over 85% stake in the steel major and plans to mop up about Rs9,000 crore based on SAIL’s share price, from the proposed disinvestment.