It has been said in the report that even at the current levels, the government can get up to $ 2 billion or Rs 16500 crore from the sale of stake in these companies.
Preparing to sell stake in Coal India
The government is considering selling stake in several government companies to increase income in the last quarter of the financial year. This thing has come to the fore in media reports. According to the information given by Bloomberg, the Government of India can sell 5 to 10 stake in Coal India, Hindustan Zinc and Rashtriya Chemicals. It has been said in the report that this part will be sold in the last quarter of the financial year with the aim of increasing the revenue. It has been said in the report that at the current levels, even by selling 5 percent stake in these companies, the government can get up to $ 2 billion or Rs 16500 crore. However, no statement or information has come to the fore from the government or any company in this regard. Nor have these reports been confirmed.
4 Offer for Sale Plan
According to reports, the government’s stake sale plan includes 4 offers for sale. This includes Coal India, NTPC, Hindustan Zinc and RITES. On the other hand, according to other media reports, the government can sell 10 to 20 percent stake in National Chemicals Fertilizer and National Fertilizer. At the same time, bids for privatization of IDBI Bank are likely to be invited by March. The sale process can be concluded in the next financial year. The government last week invited bids from potential investors to privatize the bank by selling a total of 60.72 per cent stake in IDBI Bank. Recently, the government raised Rs 3,839 crore by selling 1.5 per cent stake in Axis Bank. The government had placed this stake through the Specialized Undertaking of the Unit Trust of India (SUUTI).
Government will reduce disinvestment target
Considering the time taken in privatization, the government may change the strategy of raising funds from stake sale. Only last month, an official had said that as the scope for minority stake sale in Central Public Sector Enterprises (CPSEs) has shrunk and privatization takes time to complete, India may have to lower its budgeted disinvestment target. have to do According to him, now the focus has shifted towards strategic sale and with this the disinvestment target will have to be reduced as privatization is a time-consuming process.