Cabinet puts off decision on Neyveli Lignite stake sale

The cabinet yesterday postponed the decision on proposal to divest 5 per cent stake in the Tamil Nadu based miner Neyveli Lignite Corp to raise up to Rs 6,000 crore through an offer for sale.

Tamil Nadu Chief Minister Jayalalithaa had last month written to Prime Minister Manmohan Singh, opposing disinvestment in the integrated mining-cum-power generating company.

Briefing media after a meeting of the Cabinet Committee on Economic Affairs (CCEA), Finance Minister P Chidambaram said, "There is a letter from the CM of Tamil Nadu addressed to the Prime Minister and I think, the PM may consider first replying to that letter."

The government is looking to raise between Rs 5,000 crore and Rs 6,000 crore from the sale of over 7.8 crore shares.

The government currently holds 93.56 per cent stake Neyveli Lignite.

Read more about: neyveli lignite corporation
Story first published: Wednesday, June 5, 2013, 9:30 [IST]
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