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01-05-2010, 12:49 AM #1
Government Plans To Divest 8.38% In National Mineral Development Corp (NMDC)
The government plans to divest 8.38% in state-run National Mineral Development Corp (NMDC) before the end of the fiscal. This has been communicated by an official related to the corporation.
"The government has desired to complete the process of disinvestment of 8.38 percent of paid-up equity in NMDC, out of government's share holding through further public offer in the domestic market during the current financial year," said a company statement.
Meanwhile, the government is also planning to offload 10% equity in three power utilities including NTPC (National Thermal Power Corp), Rural Electrification Corp (REC) and Satluj Jal Vidyut Nigam (SJVN) by the end of this financial year.
The corporation plans to use the earnings from such stake sales to make capital investment over the next three years. Accordingly, it has also divested 5% stake in National Hydro Power Corp (NHPC) and Oil India this year.