New Delhi: The government cleared stake sale in its Navratna PSU ONGC on Wednesday. The divestment has been cleared by the Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee. Sources say five per cent government stake in ONGC will be offloaded.
This is the first divestment cleared by the government in nearly nine months.
The EGoM will meet again to decide on the timing of the divestment. Sources say the ONGC divestment is likely to take place in this fiscal year through auction.
The government is likely to raise Rs 10,000 crore to Rs 12,000 crore through the divestment.
However, the BHEL divestment has been put off till 2013. "The BHEL divestment has been put off for now, it may take place in 2013," Union minister Praful Patel said.
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