|Published : 13 Apr 2017, 18:21:51|
India to offload stakes of 11 govt firms
A total of 11 public sector enterprises of India will be listed on the stock market, according to report by www.ibtimes.co.in and Bureaucracy Today .
The government of India formally approved the move marking a significant step towards economic reforms.
Out ff the 11 central public sector enterprises (CPSEs) four belong to the railway ministry.
The government will be offloading up to 25 per cent of its stake in these companies that could also include fresh issue of shares by the respective companies.
The decision to list the four rail PSUs — IRCTC, RITES, Rail Vikas Nigam, Indian Railway Finance Corporation (IRFC) — and seven other entities was taken at a cabinet meeting chaired by Prime Minister Narendra Modi on Wednesday.
Other CPSEs that will be listed on the stock exchanges include Garden Reach Shipbuilders, Bharat Dynamics, MSTC, Mazagon Dock Shipbuilders and Mishra Dhatu Nigam.
The Indian government has taken a target to disinvest Rs 725 billion (72,500 crore) for the current fiscal. This was announced by finance minister Arun Jaitley while presenting India's first unified budget for 2017-18.
Disinvestment proceeds form a major portion of revenues for the government, after taxes.-Asfar