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Updated: March 14, 2014 19:12 IST

Govt hopeful of achieving revised divestment target

PTI
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Alok Tandon, Joint Secretary-Deparmant of Disinvestment Ministry of Finance, Govt of India at a press confrence during the launch of CPSE ETF in Mumbai on Friday. Photo: Shashi Ashiwal.
Business Line
Alok Tandon, Joint Secretary-Deparmant of Disinvestment Ministry of Finance, Govt of India at a press confrence during the launch of CPSE ETF in Mumbai on Friday. Photo: Shashi Ashiwal.

The government is hopeful of achieving its revised target of Rs 16,000 crore from disinvestment during the current fiscal, a top government official said in Mumbai on Friday.

“We are hopeful that the revised target for disinvestment will be achieved, as we hope to raise around Rs 3,000 crore from Central Public Sector Enterprises (CPSE) Exchange Traded Funds (ETF),” joint secretary in the Disinvestment Department Alok Tandon told reporters in Mumbai.

It may be noted that the government raised Rs 5,000 crore from a stake sale in Indian Oil today. The deal was concluded “off market”, as 10 per cent stake was picked by ONGC and Oil India.

When asked regarding stake sales in Specified Undertaking of Unit Trust of India (SUUTI) in which the government holds some stake in L&T, ITC and Axis Bank, Mr. Tandon said that the stake sale in Axis Bank could happen by March-end, which would add around Rs 3,000 crore to the government’s kitty.

In the interim budget, the government had cut its disinvestment target by more than half to Rs 16,027 crore for the current financial year from Rs 40,000 crore earlier.

Mr. Tandon, who was in the city for launch of CPSE ETF by Goldman Sachs India MF, also said that the government expects to raise Rs 3,000 crore through the CPSE ETF route.

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