Govt pushes back decision on Nalco divestment to March qtr

NEW DELHI Wed Nov 7, 2012 6:07pm IST

Related Topics

Stocks

   
Inside the Peshawar school

Inside the Peshawar school

The aftermath inside the Pakistan school where at least 132 students and nine staff members were killed by Taliban gunmen.  Pictures 

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)

FILED UNDER:

Economy

REUTERS SHOWCASE

Global Economy

Global Economy

EU leaders agree investment package to boost economy.  Full Article 

Oil Prices

Oil Prices

Brent steady below $60, heads for 4th weekly decline as oversupply persists.  Full Article 

Chinese Economy

Chinese Economy

China revises up size of economy in 2013 by 3.4 percent.  Full Article 

Reuters Exclusive

Reuters Exclusive

Google aiming to go straight into car with next Android – sources.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage