'Sell whatever is saleable': Govt aims to cut stake in PSUs to below 51%

"The government is proposing/planning to bring down its equity holding below 51 percent in select Central public sector enterprises."

Terming privatisation as the top-most priority, a senior finance ministry official Thursday said the government will sell "whatever is saleable", and is also planning to breach the minimum 51 percent ownership level in select entities.

Getting down the government stake below 51 per cent will require amendments in the laws and will also ensure that these companies move beyond the remit of oversight agencies like the Central Vigilance Commission and the Comptroller & Auditor General.

The official explained that the Cabinet had in the past decided to own at least 51 percent in PSUs and it is the Cabinet itself which will