ONGC not in a hurry to offload stakes in IOC, GAIL: Report

OIL and Natural Gas Corp (ONGC), which is generating enough surpluses on account of a spike in international oil prices and plummeting rupee, will wait for the right price before offloading its shares in Indian Oil Corp (IOC) and GAIL (India), top company officials said.
ONGC holds 13.77 and 4.86 percent   stake in oil refiner IOC and gas utility GAIL India, respectively.
"We are India's largest oil and gas producer and the acquisition of...

Govt invites bids for sale of 100% stake in Central Electronics

THE government has invited bids for sale of 100 per cent stake in Central Electronics Ltd (CEL). The Department of Investment and Public Asset Management (DIPAM) has invited Expression of Interest (EoI) from bidders having minimum net worth of Rs 50 crore as on March 31, 2018.
The last date for submission of bids is October 21, as per the EoI floated by the DIPAM.
The government had last year cleared a proposal for 100 per cent stake sale...

ONGC may not have to pay premium for government stake in HPCL: Report

MAHARATNA PSU major Oil and Natural gas Corp (ONGC) need not pay a premium for government stake in Hindustan Petroleum (HPCL) as HPCL is widely traded and fairy valued by the market and the transaction would involve no change in state control over the two PSUs.
The government is planning to sell its entire 51.11 percent stake in the HPCL to ONGC, says a media report.
The transaction would also influence the status...

Ahead of budget, can govt mop up Rs 5,000 cr from NTPC stake sale?

WITH less than one week left for the presentation of the Union budget by Finance Minister Arun Jaitley, the government will today sell five-percent stake in India's largest power producer NTPC to raise Rs 5,030 crore.
It will be the sixth PSU share sale this fiscal and will be the first under Sebi's revised...

Coal India gets a pat on the back from Power Minister

Power minister Piyush Goyal

AT A time when the government is taking all credit for finding an amicable solution to the coal strike providing relief to state-owned Coal India, coal and power minister Piyush Goyal is doubly confident of the state miner achieving its production target of a million...

Will it be a fortune Friday for SAIL?

SAIL CMD CS Verma

BEGINNING its disinvestment plan, the government will sell its five percent stake in steel major Steel Authority of India Ltd (SAIL) on Friday (December 5) to mop up about Rs.1,700 crore while giving retail investors 5 percent discount to bid price.

The SAIL offering would be the first...

Government stake sale in CIL, ONGC, SAIL by next month end?

Finance minister Jaitley

THE government is running against time to wrap up its disinvestment plan for the fiscal 2014-15 with hardly few months left. Finance ministry officials expressed the hope that Coal India, ONGC, SAIL, and NHPC will hit the market by the end of January.

The government has not taken its call...

Power ministry supports deferment of headless NHPC stake sale

NHPC's stalled Subansiri project

THE government is all set to begin this year’s disinvestment drive, but the power ministry wants to ‘wait and watch’ on sale of stake in state-run hydel producer NHPC.

The ministry has approached the Department of Disinvestment (DoD) to wait for some more time before...

Govt mulls to cut down its stake in PSBs to 52%: Jaitley

FM Arun Jaitley 

IT may not go down well among tens of millions of employees of the public sector banks with finance minister Arun Jaitley on November 9 saying that the government is planning to bring down...

Govt may ask PSU banks to dilute stake in non-core sectors as PC to meet PSU bank chiefs for the last time on March 5

FM Chidambaram

IT will be his last meeting as finance minister under the present government with the heads of public sector banks. P Chidambaram will be meeting the heads of PSU banks on March 5 to take stock of their non-performing assets, credit growth and financial performance.

The agenda is clear: reviewing ways to cut deteriorating asset quality and credit growth in targeted sectors.

The meeting also assumes importance in the backdrop of the government suggesting that state-controlled lenders should gradually sell...