FM calls meeting to decide selling of govt.'s stake in Balco: Media Report

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FM calls meeting to decide selling of govt.'s stake in Balco: Media Report
The Finance Ministry has convened a meeting to discuss selling government's residual stake in Balco that can fetch over Rs 3,000 crore to the exchequer, reported PTI.

The government is looking to fast track its disinvestment programme, which aims at raising about Rs 40,000 crore in the current fiscal. Disinvestment Secretary Ravi Mathur has convened a meeting tomorrow to discuss sale of government's residual stake in Balco, said the media report.

Officials from the Corporate Affairs Ministry, the Mines Ministry and the Department of Economic Affairs, among others, are expected to attend the meeting. The government aims to collect Rs 14,000 crore by selling its residual stakes in private companies. The government holds 49 per cent stake in Balco and has 29.5 per cent shareholding in Hindustan Zinc Ltd (HZL).

At present, London-listed Vedanta holds 64.92 per cent stake in HZL and 51 per cent stake in Bharat Aluminium Company (Balco). In January 2012, Vedanta had proposed to acquire the government's remaining stake in the two erstwhile PSUs for about Rs 17,275 crore.

Dion Global Solutions Ltd.

Story first published: Friday, February 7, 2014, 9:10 [IST]
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