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Monday 3 October 2011

Government to miss disinvestment target

Given the recent market turbulence caused by the global uncertainty, the government on Saturday indicated that it might lower the Rs 40,000-crore disinvestment target for the current financial year.
The revised target is likely to be declared in November, Disinvestment Secretary Mohammed Haleem Khan said.
"The figure has emerged out of the budgetary exercise. There will be revised budgetary exercise sometime in November. Then we will take a call," Khan told reporters here when asked if the government was contemplating to lower the disinvestment target for the current financial year.
"Our short-term objective is to meet the budgetary gap which was identified at Rs 40,000 crore. After revised budgetary estimates the numbers will be fixed," he added.
The government had set out an ambitious disinvestment target of Rs 40,000 crore, barely three per cent of that has been achieved by offloading stake in Power Finance Corporation.
A number of companies are in the pipeline for disinvestment like ONGC, Bhel and Rashtriya Ispat Nigam, but the the government is yet to take a call on the timing. "Which company will enter the market, and when, it will depend upon the market conditions," he said.
Source: Business Standard

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