Govt pushes back decision on Nalco divestment to March qtr
NEW DELHI (Reuters) - Government has pushed back a decision on divesting stake in state-run National Aluminium Co (NALU.NS) to the January-March quarter, minister of state for mines Dinshaw Patel said on Wednesday.
"It is not happening now. It will happen in the next quarter...After third quarter results we will decide," Patel said, after a panel of ministers met to discuss the share sale. Some media reports had said the issue could be launched as early as this week.
The government plans to sell a 12.15 percent share sale in the company to restart a stalled divestment programme that is crucial to plug the government's widening fiscal deficit. At current market price, the Nalco sale could raise as much as $267 million.
New Delhi aims to raise 300 billion rupees through share sale in state-run companies in the current fiscal year, that ends next March, but has thus far drawn a blank as weak market conditions have deterred public issues or auctions.
(Reporting by Arup Roychoudhury; Editing by G.Ram Mohan)
- Tweet this
- Share this
- Digg this
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
Trending On Reuters
In a glow of bonhomie, Barack Obama and Narendra Modi worked on a series of bilateral agreements at a summit on Sunday that both sides hope will establish an enduring strategic partnership. Read | Top issues during the visit
Indian economic growth forecasts pegged back, despite rate cuts: Reuters Poll. Full Article