India's Steel Minister Virbhadra Singh may discuss on Monday plans on divesting the government's stake in Manganese Ore (India) Ltd at the performance review meeting of public sector companies.
"The work on listing of MOIL has been going on for long now. Now the finance ministry has asked us to expedite the disinvestment process in the company. The (steel) minister is likely to take a call on disinvestment in MOIL in tomorrow's meeting," a senior steel ministry official said.
The minister will also review the performance of ICVL, a SPV formed by five leading PSUs like Coal India, SAIL to acquire mining property abroad, he said.
The finance ministry has asked the steel ministry to work on divesting stake in MOIL, NMDC and KIOCL, he said. On the ailing KIOCL, the ministry could go slow till it is acquired by NMDC, he added.
Explaining further, the official said the government may divest a minimum of 8.3 per cent stake in already listed iron ore miner National Mineral Development Corporation, which will fetch the government over Rs 10,000 crore.
In Kudremukh Iron Ore Company Ltd (KIOCL), which is also listed, the government may divest about 9 per cent stake and in Manganese Ore India Ltd (MOIL) about 10 per cent stake may be sold.
The disinvestment in KIOCL and MOIL may fetch the government together about Rs 1,000 crore.
For listed entities, the government may consider follow-on public issue, he added.
Source: The Hindu
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