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Prime Minister Manmohan Singh has reached out to Tamil Nadu Chief Minister J. Jayalalithaa seeking her support for the proposed share sale in Neyveli Lignite Corporation Ltd.
Recently, Singh wrote to Jayalalithaa explaining that five per cent disinvestment in the Tamil Nadu-based miner was necessary to meet public share-holding norms for a Navratna company.
The Cabinet Committee on Economic Affairs is likely to discuss the stake sale in Neyveli Lignite on Friday.
Earlier, the Chief Minister had opposed any share sale in Neyveli Lignite saying that labour were not in favour of it. At present, the Government holds 93.56 per cent in Neyveli Lignite. The five per cent divestment is likely to fetch the Government Rs 700 crore.
Neyveli Lignite shares closed 3.43 per cent down at Rs 57.70 on the Bombay Stock Exchange on Thursday.
siddhartha.s@thehindu.co.in
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