rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » 8 govt companies that will soon go on the block

8 govt companies that will soon go on the block

July 07, 2014 13:16 IST

8 govt companies that will soon go on the block

     Next

Next

Finance Minister Arun Jaitley could target a record Rs 70,000 crore (Rs 700 billion) in proceeds from asset sales when he unveils his maiden budget on Thursday.

Following are details of companies that could go on the block

Steel Authority of India

State shareholding: 80 per cent

The government wants to sell 5 per cent of Steel Authority of India Ltd in the last week of July, people involved in the process said.

Marketing roadshows for the deal, worth about $340 million at current prices, will begin soon after the presentation of the budget on July 10, the people said.

Please click NEXT to read further…

Please click here for the Complete Coverage of Budget 2014 -15


Image: Partha S. Bhattacharyya, Chairman, CIL ring the opening bell at BSE.
Photographs: Courtesy, Coal India.

     Next

8 govt companies that will soon go on the block

Prev     Next
Prev

Next

Coal India

State shareholding: 89.7 per cent

Coal India Ltd is the world's top producer yet its failure to meet output targets means that India is the third largest importer of coal.

Before the election, sources close to Prime Minister Narendra Modi's party had said he might restructure the business into smaller, regional units and open up the industry to foreign investors.

Now, say official sources, the government is considering a direct sale of a 10 per cent stake that would be worth around $4 billion at current prices.

Please click NEXT to read further…

Please click here for the Complete Coverage of Budget 2014 -15


Image: Coal India headquarters.
Photographs: Courtesy, Coal India.

Prev     Next

8 govt companies that will soon go on the block

Prev     Next
Prev

Next

Hindustan Zinc

State shareholding: 29.6 per cent

The government would like to sell its entire minority stake in Hindustan Zinc, a subsidiary of London-listed Vedanta Resources Plc, India's largest mining and non-ferrous metals producer controlled by tycoon Anil Agarwal.

The stake, now worth $3.6 billion, was slated for sale last year but the deal was derailed by industry opposition.

Please click NEXT to read further…

Please click here for the Complete Coverage of Budget 2014 -15


Photographs: Courtesy, Hindustan Zinc

Prev     Next

8 govt companies that will soon go on the block

Prev     Next
Prev

Next

Bharat Aluminium

State shareholding: 49 per cent

The government may also auction the 49 per cent it still owns in Bharat Aluminium Co. Ltd. It sold 51 percent a decade ago to Sterlite Industries, itself part of Agarwal's Vedanta group.

Please click NEXT to read further…

Please click here for the Complete Coverage of Budget 2014 -15


Photographs: Courtesy, Bharat Aluminium

Prev     Next

8 govt companies that will soon go on the block

Prev     Next
Prev

Next

NHPC

State shareholding: 86 per cent

A 10 per cent stake in hydroelectric power producer NHPC is being considered for sale.

Please click NEXT to read further…

Please click here for the Complete Coverage of Budget 2014 -15


Image: A hydri-electric power project.
Photographs: Reuters

Prev     Next

8 govt companies that will soon go on the block

Prev     Next
Prev

Next

Hindustan Aeronautics

State shareholding: 100 per cent

The government is also considering selling a 10 per cent stake in Hindustan Aeronautics Ltd, or HAL, in addition to raising the 26 per cent cap on foreign participation in joint ventures in the defence industry.

Please click NEXT to read further…

Please click here for the Complete Coverage of Budget 2014 -15


Image: Hindustan Aeronautics headquarters.
Photographs: Courtesy, Hindustan Aeronautics

Prev     Next

8 govt companies that will soon go on the block

Prev     Next
Prev

Next

Power Finance Corporation

State shareholding: 72.8 per cent

Power Finance Corporation, whose role is to finance power projects, was floated in 2007 and the government is considering selling a further 5 per cent stake.

Please click NEXT to read further…

Please click here for the Complete Coverage of Budget 2014 -15


Photographs: Reuters

Prev     Next

8 govt companies that will soon go on the block

Prev     More
Prev

More

Rural Electrification Corporation

State shareholding: 65.6 per cent

Rural Electrification Corporation, floated in 2008, promotes and funds rural electricity projects. The government is considering a 5 per cent stake sale.

Please click here for the Complete Coverage of Budget 2014 -15


Photographs: Reuters

Prev     More
Source:
© Copyright 2014 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.