 "Cabinet approves plan to list 6 state-owned firms, dilute stake in one")
The union cabinet has approved a plan to list six government-owned companies and dilute stake in Kudremukh Iron Ore Company Ltd (KIOCL) through a share sale, the government said on Friday.
The cabinet gave approval to list Telecommunication Consultants Ltd, RailTel Corp India Ltd, National Seed Corp India Ltd, Tehri Hydro Development Corp Ltd, Water & Power Consultancy Services Ltd and FCI Aravali Gypsum and Minerals Ltd, said Law Minister Ravi Shankar Prasad in Delhi.
Prasad did not elaborate on the timing of the proposed share sales. The government said it would reduce its stake in KIOCL through a follow-up offering.
"Listing will help PSUs to unclock potential and value," Prasad told reporters.
The government has set a disinvestment target of Rs 800 billion this fiscal year, but in the first half it managed to mop up a little over 10 per cent.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%