Revised disinvestment target in November: Official


Kolkata: The central government will come up with a revised disinvestment target and determine the revised number of public sector enterprises whose stake will be divested in the current fiscal in November, a top official said Saturday.

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“Numbers (of companies which will go ahead with disinvestment) will be cleared when the revised estimate is prepared. Revised estimate targets are initiated some time around November. I think we will go along with that,” Mohammad Haleem Khan, secretary in the disinvestment department (finance ministry), told reporters on the sidelines of a programme organised by the Indian Chamber of Commerce (ICC) here.

Disinvestment plan of the central government for the current financial year has been hit due to uncertainty in the stock market fuelled by global economic slowdown.

The government has raised just Rs.1,145 crore from disinvestment from the first five months of the current fiscal, while the target for the entire fiscal is Rs.40,000 crore.

Khan said the his department was going through the preparations for the divestment in Bharat Heavy Electricals Limited (BHEL), Oil and Natural Gas Corporation (ONGC), Steel Authority of India Limited (SAIL) and Rastriya Ispat Nigam Limited (RINL), among others.

“The department is going through the preparations for all those companies which got authorization from the cabinet. We will keep them in ready condition. When we will feel that it is the right time, we will enter into the market,” he said.

He said that BHEL and ONGC were currently ready for disinvestment.

“We will continue to prepare cases for all those companies which fall within the policy,” he said.

Khan said disinvestment process in this fiscal differed not only for the current economic scenario, but also for other matters.

“Like some companies are not prepared… they may not have full number of independent directors,” he added.