The government is in the process of appointing legal advisors for divesting stakes in Engineers India, Oil India, NTPC, Hindustan Copper and Bharat Electronics, reports CNBC-TV18’s Shereen Bhan.
Sources told CNBC that the government was looking to sell 10 percent in NMDC through an offer for sale (OFS)
The government has set itself a divestment target of close to Rs 70,000 crore for this fiscal. This includes residual stake sales in companies like Hindustan Zinc, Balco, ITC, Axis Bank and L&T.
Government sources said the Finance Ministry was unlikely to push for residual stake sale in HZL and Balco without the Mines Ministry’s approval.
The Mines Ministry feels the Metal Corporation Acyt needs to be amended before the stake sale in these two companies and has sought the Law Ministry’s views on the matter.
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