LAKSH Career Academy

LAKSH Career Academy
Author: Hiren Dave

Thursday, 11 September 2014

11 september 2014: Disinvestment of CIL, ONGC & NHPC on the anvil

Ø  Canadian underwater archaeologists have found the wreckage of one of the two British exploration ships, which were part of famed Arctic explorer Sir John Franklin’s doomed expedition 170 years ago. Two ships, HMS Erebus and HMS Terror , were abandoned in 1845 after they got trapped in polar ice. Several searches through the 19th century had failed to locate them.
Disinvestment


Ø  Paving the way for the Modi Government’s disinvestment programme, the Cabinet Committee on Economic Affairs (CCEA) gave its approval to the sale of stakes in Coal India Limited (CIL), Oil and Natural Gas Corporation (ONGC) and National Hydroelectric Power Corporation (NHPC). The Finance Ministry had proposed shares sales of 10 per cent in CIL, 5 per cent in ONGC and 11.36 per cent in NHPC. The Finance Ministry estimates that the 5 per cent disinvestment in ONGC alone will fetch Rs.18,000 crore and the 10 per cent stake sale in CIL will rake in at least Rs.25,000 crore. The stake sales will be completed through Offers for Sales conducted via e-auctions on the stock exchanges.

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