Union power minister Piyush Goyal has said that the new exchange traded fund, Bharat 22, will provide a big boost to the power and energy sector infrastructure development plans by helping the government raise necessary funds via disinvestment programme.
The government recently set up Bharat 22 to sell government stakes in 22 firms including energy and power sector utilities: Power Grid Corporation, Power Finance Corporation, Neyveli Lignite Corporation, Coal India, NHPC, NTPC and REC.
“It is a wonderful move and will help the government garner resources, while keeping the character of the PSUs intact. The companies will remain PSUs with continued 51-53% government shareholding before the transfer”, the minister said.
The new fund is expected to speed up the government’s disinvestment program and raise around 72500 crore in the fiscal year to march 2018.
The new fund is expected to speed up the government’s disinvestment programme and help raise extra resources to finance infrastructure development plans.
The government has targeted to raise Rs 72,500 crore under its disinvestment programme for the current fiscal.
“Our disinvestment requirement will also be met with which we can carry out further infrastructure development”, added Goyal, while speaking on the sideline of session on the Goods and Services Tax organised by the FICCI Ladies Organisation (FLO) in New Delhi.