Panel of ministers meeting on Wednesday to decide on ONGC, BHEL stake sale
14 Feb 2012
The empowered group of ministers headed by finance minister Pranab Mukherjee will meet tomorrow to decide on stake sale of Navratna public sector undertakings like Oil and Natural Gas Corporation (ONGC) and Bharat Heavy Electricals Ltd (BHEL), expected to fetch the fund-starved government about Rs14,500 crore in the current fiscal.
"The GoM (group of ministers) is to meet tomorrow to consider proposals relating to disinvestment in Oil and Natural Gas Corporation," minister for petroleum S Jaipal Reddy said in Gurgaon today.
"This may perhaps be the last before Budget," Reddy said, without going into further details.
The government is expected to sell 5 per cent stake in ONGC to raise about Rs12,000 crore through the auction route, sources said.
Besides ONGC, the GoM is also expected to decide on selling stake in the BHEL, disinvestment secretary Mohammad Haleem Khan said.
He said the government will tap all routes and options. "We will consider all routes allowed under SEBI guidelines," he said.
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