Finance Ministry looks to divest stakes in 7 PSUs
The finance ministry is working on a roadmap to divest stake in seven big State-run companies, which include Coal India, SAIL, MMTC, NMDC, NHPC and NALCO. The government holds 80 per cent or more stakes in these companies. "We will draw a roadmap and accordingly start consultations with the respective administrative ministries," said a senior finance ministry official. The Securities & Exchange Board of India (Sebi) has proposed to bring public float in State-run firms at 75 per cent, equal to that of private companies. The finance ministry is of the view that Sebi will give at least two to three years to meet the norms and it can accordingly work out a roadmap so that there is no glut of PSU stocks in the market.