Government to disinvest stakes in Oil India, NTPC

New Delhi, Jan 7 (IANS) The government will divest 10 percent stake in Oil India in the second fortnight of this month and follow this up by disposing of 9.5 percent holding in NTPC in February, a top finance ministry official said Monday.

"We will come out with Oil India issue in the second fortnight of January and in the first fortnight of February NTPC will hit the markets," Disinvestment Secretary D.K. Mittal told mediapersons here.

The 10 percent stake in Oil India could fetch around Rs.2,700 crore at current market prices.

The 9.5 percent stake sale in National Thermal Power Corporation (NTPC) could yield over Rs.12,000 crore for the exchequer. The government proposes to divest in NTPC through the Offer for Sale (auction) route.

Post-disinvestment, the government stake would come down to 75 percent. NTPC went public with an initial public offer (IPO) in 2004.

The government has set a Rs.30,000 crore disinvestment target for the current fiscal.

So far, it has managed to raise over Rs.6,900 crore through minority stake sales in PSUs.

While National Mineral Development Corporation (NMDC) issue had fetched Rs.6,000 crore, Hindustan Copper divestment brought in Rs.808 crore for the government.

The government has identified 10 companies, including Oil India, SAIL and Hindustan Aeronautics, and plans to sell 10 percent stake each in Rashtriya Ispat Nigam Ltd. and Hindustan Aeronautics Ltd.

Also in the pipeline are 12.15 percent stake sale in aluminium producer Nalco, 10.82 percent in steel giant SAIL and 9.33 percent in Minerals and Metals Trading Corporation (MMTC).

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