Cabinet approval to the strategic sale of its nearly 53 percent stake in Rural Electrification (REC) to the Power Finance Corporation (PFC) will help the Modi government to move closer to its ambitious disinvestment target of Rs 80,000 crore and also meet the fiscal deficit target of 3.3 percent of GDP in FY19. The government expects nearly Rs 18,000 crore to be added to the exchequer from the sale of stake in the PFC-REC deal.
In the budget speech, Finance Minister Arun Jaitley had said there were opportunities to strengthen CPSEs through consolidation, mergers and acquisitions. “By these methods, CPSEs can be integrated across the value chain of an industry
So far, nearly Rs 32,000 crore has come through disinvestment from minority share sale in CPSEs and follow on offer of exchange traded funds – CPSE ETF and Bharat-22 Read more
Latest posts by Financial Express (see all)
- Waitlisted and RAC ticket holders cheer! This new device by Indian Railways to give you confirmed berths - December 15, 2018
- NCL to invest Rs 1,150cr, join 100 MT production club in FY19 - December 14, 2018
- Boosting business! Indian Railways gives 25% haulage discount to privately owned empty containers, flat wagons - December 14, 2018