Finance Ministry expects to exceed disinvestment
target
01/09/2014 00:05
According to a PTI report, the Indian Finance Ministry said that the disinvestment process will get underway in the next two to three months, expressing hopes that the proceeds from selling government stake in public sector units (PSU) would top the budget target of Rs 58,425 crore. “The numbers for divestment which are given in the Budget, we are very confident that we will get better numbers than that," Finance Secretary Arvind Mayaram said, the PTI reported. The Finance Ministry added that the stake sale in state-run units would be helped by the rally in the Indian equity markets which have reached record highs as foreign investors pump in funds amid hopes that the new BJP government may undertake key structural reforms to boost Asia’s third biggest economy. Out of the budgeted disinvestment target of Rs 58,425 crore, Rs 43,425 crore will come from stake sale in state-run enterprises while the remaining Rs 15,000 crore will be accounted from sale of residual stake in the erstwhile government companies. The companies in which the centre is eying stake sales in the current fiscal year include ONGC, Coal India, SAIL, NHPC, RINL, REC and PFC. "Equity markets have been showing great bouyancy as we have seen in August 2014 they have reached new heights and they are continuing to show great confidence in the measures that the government is taking. We will be greatly helped by this numbers when we go for divestment," Mayaram said, the PTI reported.
01/09/2014 00:05
According to a PTI report, the Indian Finance Ministry said that the disinvestment process will get underway in the next two to three months, expressing hopes that the proceeds from selling government stake in public sector units (PSU) would top the budget target of Rs 58,425 crore. “The numbers for divestment which are given in the Budget, we are very confident that we will get better numbers than that," Finance Secretary Arvind Mayaram said, the PTI reported. The Finance Ministry added that the stake sale in state-run units would be helped by the rally in the Indian equity markets which have reached record highs as foreign investors pump in funds amid hopes that the new BJP government may undertake key structural reforms to boost Asia’s third biggest economy. Out of the budgeted disinvestment target of Rs 58,425 crore, Rs 43,425 crore will come from stake sale in state-run enterprises while the remaining Rs 15,000 crore will be accounted from sale of residual stake in the erstwhile government companies. The companies in which the centre is eying stake sales in the current fiscal year include ONGC, Coal India, SAIL, NHPC, RINL, REC and PFC. "Equity markets have been showing great bouyancy as we have seen in August 2014 they have reached new heights and they are continuing to show great confidence in the measures that the government is taking. We will be greatly helped by this numbers when we go for divestment," Mayaram said, the PTI reported.
