Govt to raise Rs 34,000 cr from stake sale in seven PSUs

New Delhi : The government is looking at selling minority stake in seven PSUs, including bluechip like IOC, SAIL and NTPC, which have a potential to raise over Rs 34,000 crore.

 

The department of Investment and Public Asset Management (DIPAM) has come out with RFPs for appointing merchant bankers and legal advisors for stake sale in these PSUs.

The other companies which are on the radar include NHPC, PFC, REC and NLC India Ltd.

DIPAM Secretary Neeraj Gupta said no timeframe has been fixed for these disinvestments and the RFPs are merely a decision to appoint merchant bankers.

An official source said that these stake sales will take some time to happen as there are already 12 PSUs for which the government has secured approval from the Cabinet to go ahead with disinvestment.

As per the RFP, the government plans to sell 3 per cent stake in Indian Oil Corporation (IOC), 10 per cent each in SAIL, NTPC, NHPC and PFC.

 

Besides, a 15 per cent stake in NLC India (formerly Neyveli Lignite Corporation) and 5 per cent in REC is proposed to be put on the block.