The government’s big decision! Coal India will sell its stake in these companies, the list is ready IG News

NEW DELHI- The Indian government is planning to sell 5 to 10 percent stake in Coal India, Hindustan Zinc and Rashtriya Chemicals and Fertilizers (RCF). Bloomberg has given this information with reference to sources. According to sources, Coal India is planning to sell small stakes in state-owned companies including Hindustan Zinc in the last quarter of the financial year to boost the stock market and increase revenue. The government will sell its stake in three major state-owned companies by March 2023. Preparations are being made to bring OFS (offer for sale) of these companies.

Aim to raise Rs 65,000 crore

The government had set a target of raising Rs 65,000 crore from disinvestment of state-owned companies this year, of which around Rs 24,000 crore has been raised so far. 16,000 to 20,000 crore rupees can be raised from offers for sale of remaining three-four companies.

Know how much stake in which company will be sold

According to calculations reported by Bloomberg, the offers for sale of these three companies could fetch around Rs 16,500 crore or $2 billion. Coal will sell 3 percent shares in India’s OFS, from which Rs 5,000 crore can be raised. It is preparing to raise Rs 10,000 crore by selling 8 percent stake in Hindustan Zinc. Also, it could raise Rs 1,000 crore for a 10% stake in RITES.

Approval was given to sell the entire stake of this company

According to media reports, the Union Cabinet has approved the sale of the government’s entire stake in Hindustan Zinc Limited. Hindustan Zinc was a majority state-owned company. The government had earlier sold a 26 per cent stake in the firm in 2002, which was bought by Anil Aggarwal-led Vedanta Group. The mining giant later acquired more stake in the company to take its stake to 64.92 percent.

These companies are also included in the list

According to other media reports, the government is also planning to sell its 10-20 percent stake in National Chemical Fertilizer (RCF) and National Fertilizer (NFL) this year.

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