The Department of Disinvestment is said to have recommended that the stake sale target of Rs 69,500 crore be more than halved to the comfortable level of Rs 30,000 crore during the current financial year 2015-16 in view of “volatile stock market”. In the seven months through the current FY, the government has been able to sell shares of only four companies – PFC, REC, Dredging Corporation and IOC – against the 20 approved by the Union Cabinet for the purpose, netting barely Rs 12,600 crore. Among the companies listed for disinvestment figure OIL, NALCO and NMDC (10 per cent each), besides NTPC, ONGC and BHEL (5 per cent each). Ever since the disinvestment process set off in the early nineties, the government has been unable to manage bear hammering at the counters of companies slated for stake sale.
Report: Rakesh Ranjan (Editor-in-chief)