Indicating its intent of undertaking disinvestment in a major way in the coming years, the UPA Government on Wednesday said that it would sell stake in 35 companies and list in the stock markets over the next five years with an aim to raise nearly Rs. 1.5 lakh crore in revenue.
The UPA regime, which has gone full hog with the disinvestment plans in the second innings, has already approved major disinvestment in major public sector undertakings, some of them already having hit the markets.
“The move to disinvest in 35 companies is expected to generate about Rs. 1.50-lakh crore in revenue for the Central Government,” Minister of State for Heavy Industry and Public Sector Enterprises, Arun Yadav told reporters here at a function on public sector enterprises “Strong governance in PSEs could be further strengthened through autonomy: a CII summit.”
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He said that the Heavy Industry Ministry was waiting for the Finance Ministry's approval. “Once we get the nod from the Finance Ministry, we will start the process,” he added. However, he ruled out disinvestment in oil major Indian Oil Corporation and Oil and Natural Gas Corporation for the present. Mr. Yadav also expressed hope that more Central Public Sector Enterprises (CPSEs) would qualify for the ‘Maharatna' status in the near future besides the existing ones. The government has granted ‘Maharatna' status to four giant public sector undertakings (PSUs) — NTPC, ONGC, IOC and Steel Authority of India Limited (SAIL).