The Mines Ministry on Thursday said it will seek Cabinet's approval for its 20 per cent share sale programme for Hindustan Copper Ltd by the end of this fiscal.
If the proposal gets Cabinet clearance, the disinvestment is likely to follow the initial public offering of Rashtriya Ispat Nigam Ltd, for which the prospectus has already been filed with the Securities and Exchange Board of India.
The government on Friday approved sale of its minority stakes in four public sector firms -- Hindustan Copper, Oil India, MMTC and Nalco-- to raise up to Rs 15,000 crore.
After the fiasco in March this year over the share sale in Oil and Natural Gas Corporation ( ONGC ), the government has softened its stand over the pricing.
The floor price for the issue would be decided after the close of the equity market tomorrow.
In what seemed a political understanding, Trinamool Congress chief and Railway Minister Mamata Banerjee stayed away from a cabinet committee meeting where the government finally cleared two disinvestment proposals she had been opposing.
The government has decided to go ahead with the privatisation of Hindustan Copper Ltd, setting aside concerns over the fate of units, which were partially nationalised.
The Supreme Court on Friday issued notices to Union finance and divestment ministries on a petition challenging the privatisation process initiated by the Centre for Hindustan Copper Ltd.
The government is understood to have deferred 'indefinitely' the financial bidding for Shipping Corporation of India and Hindustan Copper Ltd in the wake of a spate of petitions challenging the divestment process in various courts.\n\n\n\n
In a move to attract bidders for loss making Hindustan Copper Ltd, the divestment ministry has decided to ease norms for group transfer of equity stake in the divested company allowing strategic partners a greater say in the matter.
Faced with one setback after another in expanding the scope of mining in the country, almost all the major miners of the world have wound down their operations in India.
Govt seems to bullish to meet its disinvestment target in current fiscal.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances