Divestment is Back, Hind Copper, MMTC, NALCO & OIL on the block

The Cabinet Committee on Economic Affairs (CCEA) today approved divestment of government stake in four state-owned companies, namely Hindustan Copper Ltd, MMTC Ltd, National Aluminium Co Ltd and Oil India Ltd.

The government, aiming to raise 30,000 Crore rupees from divestment in 2012-13 (Apr-Mar), has so far not divested stake in any of state-owned companies in the current financial year.

Government will disinvest 9.59% equity of Hindustan Copper Ltd., 9.33% in MMTC  and 12.15% in Nalco, while 10% of government share will be sold in Oil India Ltd.

The Cabinet panel deferred a proposal to divest 5.0% of the government’s stake in Neyveli Lignite Corp. The government had raised 13,800 crore rupees from stake sales in its companies 2011-12 primarily through stake sale in ONGC which was fully subscribed by Insurance major LIC.