Industry & Economy
-
Disinvestment
Sell-off target fixed at Rs 16,000 cr
Our Bureau
New Delhi
,
Feb. 3
THE Government has fixed a target of Rs 16,000 crore to be raised through sale of equity in public sector enterprises during 2004-05.
As per the revised estimates for 2003-04, the Government expects to mop up Rs 14,500 crore from disinvestment/privatisation of State-owned units against the Budget estimates of Rs 13,200 crore for 2003-04.
The more-than budgeted receipts from disinvestment during 2003-04 are on account of partial sale of Government's stake in the equity capital of selected PSUs. These include the proposed public offers in ONGC, Gail, IPCL, CMC Ltd, IBP & Co Ltd and Dredging Corporation.
The Government's disinvestment plan for the next fiscal hinges mainly on the court case involving privatisation of oil PSUs, HPCL and BPCL.
The Government has sought a clarification from the Supreme Court on its September 16, 2003, ruling halting the privatisation of the two oil majors for want of Parliamentary approval.
This has virtually stalled the privatisation of several other PSUs, whose employees have moved court seeking the shelter of the Apex Court verdict to oppose privatisation of their respective companies.
The disinvestment process has, thus, suffered from delays and slippages, forcing the Government to opt for the less-controversial minority stake sales to meet the target.
The Congress party has criticised the Government's disinvestment policy.
More Stories on :
Disinvestment |
Budget
Article
E-Mail
::
Comment
::
Syndication
::
Printer Friendly Page
|
