GOVT TO OFFER PART OF PSU EQUITY TO FIIs
Article Abstract:
A certain percentage of the government's holding in public sector units (PSUs) will be offered to foreign institutional investors (FIIs) in each domestic offering pertaining to the divestment. This will be done to maximise the dollar inflow from the divestment process which will be conducted in the international and domestic markets. The floats will be made in the domestic market also so that the dollar inflow will be less than full floats in the international market. To counter this, the government plans to allot a portion of the government offerings to FIIs which are expected to make purchases in dollars and not in rupees. The main objective of the disinvestment process is to meet the budgetary target of Rs5,000 crore and to corner as many dollars as possible to boost foreign exchange reserves. (gsh)
Comment:
India: Some govt holding in public sector units will be offered to foreign institutional investors in each domestic divestment
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
UDYOG MITRA GIVES GO-AHEAD TO PROPOSALS WORTH Rs284 CR
Article Abstract:
Karnataka Udyog Mitra, the state's single window agency, has approved investment proposals worth Rs283.67 crore. This includes an investment of Rs86.65 crore by Toyota Techno-Park India Pvt Ltd in its industrial park project at Bidadi. Tractor and Farm Equipments Ltd will invest Rs25.67 crore to expand its existing facility at Nanjangud and Rs86.20 crore in its Doddaballapur unit. An investment of Rs4.60 crore by BFL Software Ltd top set up its fifth software development centre has also been cleared. A proposal by Shyamraju & Company (India) Pvt Ltd to invest Rs47.15 crore to develop infrastructure fir information technology and a proposal to invest Rs28.60 crore by Araco Polyflex Pvt Ltd to start a car interiors and setting unit at Bidadi have also been cleared. (khr)
Comment:
India: Karnataka Udyog Mitra approves investment proposals worth Rs283.67 crore
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
GOVT READIES DIVESTMENT PILL
Article Abstract:
The Government of India plans to divest its majority stake in public sector enterprises. The government holding will be reduced to 26 percent in non-strategic areas. The government plans to disinvest stake in Gas Authority of India Limited, Indian Oil Corporation, Videsh Sanchar Nigam Ltd and India Tourism Development Corporation. It plans to appoint global advisors to co-ordinate divestment in Bharat Aluminium Company, Kudremukh Iron Ore Company Ltd, Modern Foods and Bongaigaon Refineries and Petrochemicals Ltd. The Disinvestment Commission will advise the government on the divestment. (vv)
Comment:
India: Government plans to divest majority stake in public sector enterprises, reducing holding to 26% in non-strategic areas
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: GOVT PLANS ECB ROUTE FOR PSUs TO RAISE Rs5,482 CR MAHARASHTRA GOVT PLANS TO RAISE Rs2,000 CR THROUGH DEBT MARKET
- Abstracts: TTK TO OFF-LOAD SPINNING MILL, FOODS DIVISION KHAITANS SELL NESTLE STAKE IN OPEN MARKET FOR Rs15 CR 3 GLOBAL MANAGERS SHORTLISTED FOR MODERN FOODS SELL-OFF
- Abstracts: ROCKWOOL: KEEP OUT OF IT. HERO HONDA RACES TO POLE POSITION AS BIKE SALES SHOW 25% GROWTH. VIKAS WSP
- Abstracts: GOVT TO OPEN MORE SECTORS TO FDI GOVT TO MONITOR EPCG OBLIGATIONS IN $ TERMS
- Abstracts: STC TO SELL NR TO TYRE MAKERS AT BANGKOK RATES TYRE SECTOR BRAVES AUTO RECESSION, ON ROBUST ROAD. PLANS AFOOT TO WIND UP IRP UNIT OF TYRE CORPORATION