PSU stake sale only when markets right: Mukherjee

August 19th, 2011 - 9:47 pm ICT by IANS  

Pranab Mukherjee New Delhi, Aug 19 (IANS) Finance Minister Pranab Mukherjee Friday said the government would sell its stake in the public sector undertakings (PSUs) only when market conditions were favourable.

“We cannot sell our valuable assets at a condition, at a market situation where we will not get the adequate prices,” Mukherjee said in the Lok Sabha.

The finance minister said the proposal of disinvestment in four public sector undertakings - Oil and Natural Gas Corporation, Steel Authority of India Limited, Hindustan Copper and National Building and Construction Corporation - has already by cleared by the cabinet.

He said the disinvestment of Bharat Heavy Electricals Limited and National Aluminium Company Limited were also under process.

The federal government targets to raise Rs.40,000 crore from disinvestment during the current financial year.

So far it has managed to raise only Rs.1,162 crore by selling 5 percent stake in the Power Finance Corporation.

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