The Union Government on 10 January 2013 approved 10 per cent stake sale in Engineers India Ltd (EIL), which is supposed to bring back a sum of around 800 crore Rupees to the government.
The stake is going to take place this fiscal, April 2012 to March 2013 and is approved by Cabinet Committee on Economic Affairs (CCEA).
At present 80.40 Percent of Stake in EIL is held by the Government. Earlier in 2010 Government divested 10 per cent stake through an FPO in EIL, a leader in engineering consultancy.
For the July-September quarter of the current fiscal, April 2012 to March 2013, EIL reported net profit of 161.24 crore of rupees up 10 per cent over the same period in 2011-12.
The government has proposed to raise 3000 crore rupees. by way of disinvestment in 2012-13.
So far this fiscal, the government has been able to realise just over 6900 crore rupees through stake sale in PSUs. Further stake sale in Oil India and NTPC is lined up for January and February 2013.