NEW DELHI: The government is actively considering a 10 per cent stake sale in state-run National Aluminium Co Ltd ( NALCO) as part of its asset sale programme, Junior Finance Minister S.S. Palanimanickam told lawmakers in parliament on Tuesday.
The government is targetting Rs 30,000 crore from stake sales in public sector undertakings in 2012-13, even as it missed the target for the current fiscal by a wide margin.
"In 2011-12, as against a target of Rs 40,000 crore, the government will raise about Rs 14,000 crore from disinvestment. For 2012-13, I propose to raise Rs 30,000 crore through disinvestment," Finance Minister Pranab Mukherjee said in his Budget speech. He said the government is committed to maintaining at least 51 per cent ownership and management control in the Central Public Sector Enterprises (CPSEs).
"While we are committed to enhancing people's ownership of CPSEs, at least 51 per cent ownership and management control will remain with the Government," he said.
The CPSEs are being given a level playing field vis-a-vis the private sector with regard to practices like buy-backs and listing at stock exchange, he said.
The government could manage to raise only Rs 14,000 crore in the current fiscal through stake sale in CPSEs, against the budgeted Rs 40,000 crore.
Uncertain global economic climate, mainly due to fallout of euro-zone crisis, has adversely affected financial markets, which has slowed down PSU disinvestment.
(Source- economictimes.indiatimescom)
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