Govt mulling listing of ONGC on an overseas exchange: Report

THE government is considering the listing of state-run Oil and Natural Gas Corporation (ONGC) on an overseas exchange, a media report said.
The PSU could be listed in Singapore or the London Stock Exchange. This move will grant ONGC a better access to funds and provide it with a global platform.
The government will position ONGC as India’s largest oil and gas exploration and production company. It may also look at foreign listing as an option for more such big public sector units (PSUs), sources added.
ONGC already holds a stake in 41 oil and gas projects across the world via ONGC’s overseas investment arm ONGC Videsh Limited (OVL). The government was...

Budget highlights: Govt sets disinvestment target of Rs 80000 crore for 2018-19; FCI will be reconstructed; 24 CPSEs to be divested

Finance Minister Jaitley before budget presentation 

PRESENTING a pro-poor, and pro-farmer budget, ahead of crucial Parliamentary polls next year, Finance Minister Arun Jaitley on February 1 outlined few steps for the public sector undertakings (PSUs) as well. Touching upon government’s divesment target, the Finance Minister announced that the disinvestment target...

Disinvestment spree: Govt readies stake sale in 7 PSUs

THE NDA Government has finalized plans to mop up Rs 35,000 crore by divesting its stake in seven blue chip PSUs through the offer for sale (OFS) route. The Department of Investment and Public Asset Management (DIPAM) is seeking bids from law firms and merchant bankers to facilitate the process.
The PSUs are NHPC Ltd, NTPC Ltd, Power Finance Corporation Ltd (PFC), Rural Electrification Corporation Ltd (REC), Steel Authority of India Ltd (SAIL), NLC India Ltd (NLC), and Indian Oil Corporation Ltd (IOC).
According to the bid documents released by DIPAM, the Centre plans to...

Cabinet clears listing of 11 PSUs

THE Cabinet Committee on Economic Affairs on April 12 approved the listing of 11 public sector undertakings, including five railway subsidiaries — Ircon International, Indian Railway Catering and Tourism Corporation (IRCTC),  Rail Vikas Nigam, Indian Railway Finance Corporation (IRFC) and RITES Ltd.
The plan to list railway subsidiaries IRCTC and IRFC was mooted by Finance Minister Arun Jaitley in the Budget. The Department of Public Asset Management (Dipam) has already initiated the process...