Today, the Empowered Group of Ministers have approved the stake sale in state-run Oil and natural gas Corporation. The decision on divestment in BHEL has not been taken, which is expected to hit the market in the next financial year.
The Empowered Group of Ministers will meet again to fix up price for the divestment of equity shares in ONGC. The meeting has been ended without concluding the mode of divestment, price and expected amount to be garnered through the issue.
The stake dilution is likely to take place through auction route. In last November, Government had put on hold its proposal to sell 5% stake in ONGC through a public offering due to uncertain market condition.
In the current fiscal year, the Government had planned to mop up Rs.40,000 crore by disinvesting stakes in state run companies. But, in reality, the Government has so far been able to garner only Rs.1,145 crore on the back of uncertainty prevailing in the most of the month in this fiscal.
Divestment Secretary, Haleem Khan has admitted that it is impossible to touch the disinvestment target of Rs.40,000 crore in this fiscal year with only less than 2 months left over.
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