The Cabinet Committee on Economic Affairs (CCEA) will soon take up the Steel Ministry's proposal to offload 10% stake in Steel Authority of India (SAIL).
“We have already cleared the proposal for disinvestment in SAIL. The CCEA should take up the proposal soon. I hope they take it up in the next meeting,” said the Minister for Steel, Virbhadra Singh.
SAIL's follow-on public-offer could hit the market by the first quarter of 2010-11. The Government hopes to mop up Rs 16,000 crore through the sale of 10% stake in SAIL and a further fresh issue of the same number of shares. Part of the money raised would also be used to fund SAIL's expansion projects. The Government will soon come out with a notification conferring the Maharatna status on SAIL.
Singh added that the Steel Ministry had also cleared a proposal to disinvest 10% stake in Manganese Ore India Ltd (MOIL). “Proposal for disinvestment in NMDC has been cleared. We have also sent a proposal for the disinvestment for 10% disinvestment in MOIL,” said Singh.
MOIL's disinvestment proposal is yet to be tabled with the CCEA. “The ball is in their court now. My Ministry has cleared the proposals,” Singh said. The Steel Ministry had sent the proposal for disinvestment in MOIL to the Finance Ministry in July 2009.
Taken from
The Hindu Business Line
Source: Business LineCourtesy moneycontrol.com
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