Rs 22144 cr mopped up from disinvestment of six PSUs

Even as the Follow on Public Offers (FPOs) of two major Central PSUs- Steel Authority of India Ltd (SAIL) and Oil & Natural gas Corporation (ONGC) are going to be launched later this fiscal, the Government of India has already mopped up Rs 22143.94 crore till the end of December 2010 through the public offerings of six PSUs.

The Centre has so far raised Rs 15199.44 crore from Coal India Ltd, Rs 3721.17 crore from the Power Grid Corporation of India Ltd,Rs 1062.47 crore from Satluj Jal Vidyut Nigam Ltd, Rs 959.65 crore from Engineers India Ltd, Rs 618.76 crore from Manganese Ore India Ltd and Rs 582.45 crore from Shipping Corporation of India Ltd.

"We have already mopped up Rs 22143.94 crore through disinvestment till the end of December 2010. We expect to meet the target of Rs 40,000 crore set for the current financial year”, said Siddhartha Pradhan, additional secretary, Department of Disinvestment, Government of India.

He declined to comment on the targeted proceeds from the disinvestment of PSUs in 2011-12.

Asked on the FPOs of SAIL and ONGC, he said, “The SAIL FPO is scheduled for the second week of February while the ONGC FPO is likely to come in the second or third week of March. The Government hopes to mop up Rs 11,000 crore from ONGC's FPO and Rs 3000 crore from the FPO of SIAL.”

Pradhan was talking to media persons on the sidelines of an interactive session on 'Disinvestment Policy of Government of India', organized by the Bhubaneswar Stock Exchange (BhSE).

He stated that the FPOs of Indian Oil Corporation Ltd (IOCL) and Hindustan Copper Ltd would happen in the next financial year. Around Rs 15,000 crore is likely to be raised through the FPO of IOCL.

Talking on the Disinvestment Policy of the Government of India, he stated, “It is the Government's objective to go for listing of all unlisted Central PSUs having positive networth, no accumulated losses and having earned profits in the three preceding consecutive years. FPOs will be considered in respect of profitable PSUs having 10 per cent higher public ownership.”