The Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave in-principle approval for strategic disinvestment in Minerals &amp; Metals Trading Corporation Ltd (MMTC), National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (BHEL), Metallurgical and Engineering Consultants (MECON) and two Odisha state government public sector undertakings.

The government will offload 49.78 per cent equity shareholding in MMTC, 10.1 per cent in NMDC besides 0.68 per cent in MECON and BHEL each to a strategic buyer after a two-stage auction procedure.

Besides, it will sell 12 per cent stake in Industrial Promotion and Investment Corporation of Odisha Ltd (IPICOL) and 20.47 per cent in Odisha Mining Corporation (OMC) in Neelachal Ispat Nigam Limited (NINL).NINL is a joint venture company in which four central public sector enterprises -- MMTC, NMDC, BHEL and MECON -- besides two state PSUs of the Odisha state government -- IPICOL and OMC -- are shareholders.

"The proposed strategic disinvestment of NINL will unlock resources to be used to finance the social sector and developmental programmes of the government benefiting the public," according to an official statement.

"It is also expected that the successful strategic buyer may bring in new management and technology and investment for the growth of company, and may use innovative methods for the development of business operations which may generate more employment opportunities," said the statement further.

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave in-principle approval for strategic disinvestment in Minerals & Metals Trading Corporation Ltd (MMTC), National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (BHEL), Metallurgical and Engineering Consultants (MECON) and two Odisha state government public sector undertakings.

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave in-principle approval for strategic disinvestment in Minerals & Metals Trading Corporation Ltd (MMTC), National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (BHEL), Metallurgical and Engineering Consultants (MECON) and two Odisha state government public sector undertakings. The government will offload 49.78 per cent equity shareholding in MMTC, 10.1 per cent in NMDC besides 0.68 per cent in MECON and BHEL each to a strategic buyer after a two-stage auction procedure. Besides, it will sell 12 per cent stake in Industrial Promotion and Investment Corporation of Odisha Ltd (IPICOL) and 20.47 per cent in Odisha Mining Corporation (OMC) in Neelachal Ispat Nigam Limited (NINL).NINL is a joint venture company in which four central public sector enterprises -- MMTC, NMDC, BHEL and MECON -- besides two state PSUs of the Odisha state government -- IPICOL and OMC -- are shareholders. "The proposed strategic disinvestment of NINL will unlock resources to be used to finance the social sector and developmental programmes of the government benefiting the public," according to an official statement. "It is also expected that the successful strategic buyer may bring in new management and technology and investment for the growth of company, and may use innovative methods for the development of business operations which may generate more employment opportunities," said the statement further.

Cabinet approves strategic disinvestment in MMTC, NMDC, BHEL and others

The government has plans to raise as much as 3.25 trillion rupees in the next five years by reducing its stakes in some large state-owned firms to 40%, two senior government officials told Reuters, in the nation's biggest privatisation push in more than two decades.

Last week, finance minister <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/budget-2019-nirmala-sitharaman-to-launch-study-in-india-initiative-to-encourage-foreign-students-233240&amp;sa=U&amp;ved=2ahUKEwjngeeHjK_jAhULbo8KHQhRD_0QFjAAegQIABAC&amp;usg=AOvVaw05Zl3o-mH6_vHpdxNAwju9">Nirmala Sitharaman</a> in her budget announced that the government will look to reduce direct controlling stakes in some state-run firms on a case-by-case basis.

The plan will open up a steady stream of state companies to greater private investment, and target the kind of annual divestment revenue that will be crucial to meet fiscal deficit targets.

Prime Minister Narendra Modi's administration already sold government stakes in a host of companies to raise a record $40.92 billion in his first five-year term, nearly three times the divestment proceeds of $14.52 billion achieved by the Congress party government in 2009-2014. Modi was re-elected for a second term in a landslide victory in April-May.

The government has identified a number of state-owned firms, including explorer Oil and Natural Gas Corp, oil refiner Indian Oil Corp, gas transmitter GAIL (India) Ltd, power producers NHPC Ltd and NTPC, miners NMDC Ltd and Coal India, and Bharat Heavy Electricals Ltd, said the sources, who declined to be named due to the sensitive nature of the matter.

"We have done a calculation on current prices and we could get 3.25 trillion rupees if we bring our stake down to 40% in government companies, excluding banks," one of the officials, said.

The government has plans to raise as much as 3.25 trillion rupees in the next five years by reducing its stakes in some large state-owned firms to 40%, two senior government officials told Reuters, in the nation's biggest privatisation push in more than two decades.

The government has plans to raise as much as 3.25 trillion rupees in the next five years by reducing its stakes in some large state-owned firms to 40%, two senior government officials told Reuters, in the nation's biggest privatisation push in more than two decades. Last week, finance minister Nirmala Sitharaman in her budget announced that the government will look to reduce direct controlling stakes in some state-run firms on a case-by-case basis. The plan will open up a steady stream of state companies to greater private investment, and target the kind of annual divestment revenue that will be crucial to meet fiscal deficit targets. Prime Minister Narendra Modi's administration already sold government stakes in a host of companies to raise a record $40.92 billion in his first five-year term, nearly three times the divestment proceeds of $14.52 billion achieved by the Congress party government in 2009-2014. Modi was re-elected for a second term in a landslide victory in April-May. The government has identified a number of state-owned firms, including explorer Oil and Natural Gas Corp, oil refiner Indian Oil Corp, gas transmitter GAIL (India) Ltd, power producers NHPC Ltd and NTPC, miners NMDC Ltd and Coal India, and Bharat Heavy Electricals Ltd, said the sources, who declined to be named due to the sensitive nature of the matter. "We have done a calculation on current prices and we could get 3.25 trillion rupees if we bring our stake down to 40% in government companies, excluding banks," one of the officials, said.

Government seeks to raise $47 billion from stake sales in state firms over five years: Sources

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Cabinet approves strategic disinvestment in MMTC, NMDC, BHEL and others

Government seeks to raise $47 billion from stake sales in state firms over five years: Sources