Govt may clear NTPC, IndianOil selloff today
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NEW DELHI: The government is expected to provide a thrust to its ambitious disinvestment programme for the current financial year by clearing stake sale in over half-a-dozen companies including NTPC and IndianOil. The cabinet committee on economic affairs (CCEA) is expected to take a call on stake sale in these two companies on Wednesday.
Sources said the government is looking to sell 5% in NTPC and 10% in IndianOil, which could help mop up around Rs 14,000 crore based on current market price. Coal India too is back on the disinvestment radar although it is not clear if the 5% stake sale is on the agenda for Wednesday's meeting of CCEA.
The finance ministry was pushing to sale of stake in IndianOil during the last financial year but had to drop the plan at the last moment as there was no clarity on the subsidy-sharing mechanism. Besides, the petroleum ministry had argued that the fall in crude prices would have adversely impacted valuations. IndianOil had been taken up as an alternative to selling stake in ONGC, which was on the original list. With oil prices beginning to rise and more clarity on subsidy sharing, the government has revived the IndianOil stake sale. Sources said the government has already put in place a list and the proposal before CCEA on Wednesday is part of the plan.
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