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Poor markets hold govt stock sale
Government will sell stake in some state-owned companies, especially those in metals business, only when market conditions improve, Finance Minister Arun Jaitley said amid concerns that the Rs 69,500 crore disinvestment target for the current fiscal may be missed.
New Delhi : Government will sell stake in some state-owned companies, especially those in metals business, only when market conditions improve, Finance Minister Arun Jaitley said amid concerns that the Rs 69,500 crore disinvestment target for the current fiscal may be missed. "I have already said there are few stocks, especially metal stocks, which are down globally. Therefore, in such circumstances it would not be appropriate to sells such stocks in the market," he said.
"We will sell such stocks after market condition improves," he said. Of this, Rs 41,000 crore is to come from minority stake sale in PSUs and the remaining Rs 28,500 crore from strategic stake sale. With eight months of the current fiscal about to be over, the government has been able to sell stake only in four companies — PFC, REC, Dredging Corp and IOC — to net Rs 12,600 crore.
