Govt considering disinvestment in MMTC, SCI, MOIL

The government is considering to sell its stake in many companies including MMTC, Shipping Corporation and Manganese Ore India, through public offering, Parliament was informed today.

"Government is considering stake sale through public offerings in MMTC, Coal India, Steel Authority of India Ltd (SAIL), Shipping Corporation of India (SCI), Power Grid Corporation, Manganese Ore India (MOIL) and Hindustan Copper India Ltd," Minister of State for Finance Namo Narain Meena said in a written reply to the Rajya Sabha.

The Cabinet has already given its nod for government's stake sale in Coal India, Steel Authority of India Ltd, Power Grid Corporation and Hindustan Copper, while the government has already shortlisted merchant bankers to manage MOIL IPO.

Disinvestment Secretary Sumit Bose said recently that divestment in identified companies is likely in the current fiscal.

Aiming to raise Rs 40,000 crore through disinvestment this fiscal, the government has mopped up over Rs 1,000 crore by divesting stake in Satluj Jal Vidyut Nigam, and around Rs 1,000 crore through Engineers India FPO.

Besides, the government plans to sell 5 per cent stake in Oil and Natural Gas Corp (ONGC) and 10 per cent in Indian Oil Corp (IOC) to raise about Rs 21,000 crore this fiscal, Oil Secretary S Sundareshan said last week.

"We have received a note from Department of Disinvestment that says they have approval of the Finance Ministry for divestment of government stake in ONGC and IOC," he had said.

The government had raised Rs 25,000 crore through stake sale in Oil India, NMDC, REC and NTPC during 2009-10.