'Disinvestments to start in 2-3 months, target to be exceeded'

Aug 30 2014, 18:09 IST
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Finance Ministry today said it will start with the disinvestment process in the next 2-3 month. Reuters Finance Ministry today said it will start with the disinvestment process in the next 2-3 month. Reuters
SummaryThe PSU stake sale process would start in the next 2-3 months.

Finance Ministry today said it will start with the disinvestment process in the next 2-3 month and would breach the budgeted target of Rs 58,425 crore.

"The numbers for divestment which are given in the Budget, we are very confident that we will get better numbers than that," Finance Secretary Arvind Mayaram told reporters.

The PSU stake sale process would start in the next 2-3 months and the rally in the equity markets would provide a fillip to the government's disinvestment programme.

The Budgeted disinvestment target of Rs 58,425 crore include Rs 43,425 crore from selling stake in PSUs and another Rs 15,000 crore from sale of residual stake in the erstwhile government companies.

The government has already identified a host of companies for divesting stake in the current fiscal which include ONGC, Coal India, SAIL, NHPC, RINL, REC and PFC.

The equity markets have surged about 20 per cent since the beginning of this fiscal and had touched a record high of 26,674.38 points yesterday.

"Equity markets have been showing great bouyancy as we have seen in August 2014 they have reached new heights and they are continuing to show great confidence in the measures that the government is taking. We will be greatly helped by this numbers when we go for divestment," Mayaram said.

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