The Cabinet Committee on Economic Affairs on 20 July 2012 approved 10.82 per cent disinvestment in Steel Authority of India (SAIL). The divestment will help the government to raise about 4000 crore rupees. The government holds 85.82 per cent stake in SAIL.
Earlier the government on 15 July 2012 had deferred Rashtriya Ispat Nigam Limited's 2500 crore rupees initial public offering due to volatile state of market. The government plans to divest 10 per cent stake in RINL through IPO.
The government in annual budget 2012-13 set the disinvestment target at 30000 crore rupees (300 billion rupees). Though, on the issue of ownership it made clear that at least 51 per cent ownership and management control of Central Public Sector Enterprises will remain with the Government.
Union government is also eyeing to partially offload its share in PSUs like Hindustan Aeronautics, BHEL, National Aluminium Company (Nalco), Hindustan Copper and Oil India in the fiscal year 2012-13.
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