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New Delhi: Dozens of non-financial and non-strategic CPSEs that include Engineers India Ltd, PowerGrid, National Mineral Development Corporation, SAIL, BHEL, Hindustan Copper, NHPC , Hindustan Organics Chemicals Ltd are likely to be considered for reduction of government stake below 51 per cent but with the Centre retaining the management control.
Official sources said no decision has been taken on this but the names are being considered on the basis of the current government stake in them and also the nature of their operation where the private sector is already present and is largely non-strategic.
Defence and financial sector is excluded and the selection will be not en mass and will be on a case-to-case basis. In BHEL , current government stake is 63.17 per cent and in NMDC, government holds 72.28 per cent. PowerGrid has 55.37 per cent government holding and Engineers India has 55 per cent GoI stake, Hindustan Copper has 76.05 per cent and in Steel Authority of India, government stake is 75 per cent and NHPC has 73.33 per cent stake and HOCL has 58.78 per cent stake of government.
Recently the Cabinet has approved reducing the government’s stake in select PSUs to below 51 per cent while continuing to retain management control. The management control will continue to be retained with the government after considering equity held by other state-run companies in the divested firm.
Sources said the government envisages that it can bring down its stake in a public sector undertaking by roping in other state-owned entities to retain the public sector nature. Like the sources said, if LIC or state run banks pick up stake which lowers the government holding below threshold level of 51 per cent, the companies still are majority controlled by the government. (IANS)