The sluggish market situation notwithstanding, Finance Minister P Chidambaram on Thursday clarified to ministry officials he wouldn't accept any slippage in the government's Budget divestment target of Rs 30,000 crore (Rs 300 billion) for this financial year.
The Department of Disinvestment proposes to begin the stake sale process in September.
Ministries seek more discussions, Cabinet defers decision.
The government had proposed to raise Rs 30,000 crore from divestment in the current fiscal.
Disinvestment Secretary Mohammad Haleem Khan told Business Standard that till now, public sector companies were only allowed to invest in mutual funds, apart from putting money in bank fixed deposits, but the Cabinet had now approved the proposal to allow these companies to buy equities of other CPSEs.
Capart wants to help the industry fulfil corporate social responsibility
Divestment Ministry on Friday said it has received in-principle clearance from Petroleum Ministry and is going ahead with the sale of government equity in Oil India Ltd (OIL).
The 5 per cent stake sale in Steel Authority of India is likely to fetch the government over Rs 2,000 crore (Rs 20 billion) at current market prices.
The Telugu film Adavi is slated to release shortly.
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