Tag Archives: Disinvestment

No Disinvestment of BSNL, Air India – MoS Finance

25 Saturday Apr 2015

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 Minister of State of Finance, Shri Jayant Sinha informed Lok Sabha on 24th April 2015 that there will be no disinvestment of BSNL and Air India at present. He also stated that the employees in both PSUs are strongly opposing disinvestment.

Our opposition against disinvestment is noted by the government. Any move to disinvest BSNL will be against the assurances given by the government to the Joint Forum of BSNL Unions. But however, the workers have to be ready for strong struggle, if any move starts for disinvestment.

Disinvestment continues – 5% of Shares of NEC sold for Rs. 1,550 crore

08 Wednesday Apr 2015

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The NDA government has started the Disinvest Programm in the second week of the new financial year itself. 5 % of shares of Rural Electrification Corporation (REC) has been sold getting Rs. 1,550 crore to the Government. At present the government has got 65.64% shares which will now be reduced to 60.64%.

The government is saying the disinvestment is for funds to the exchequer for developmental activities. What it will do for development after all the shares are told. Disinvestment is nothing short of selling the family wares for favouring the corporates and MNCs.

 

Central Budget – Govt. propose to raise Rs.69,500 crores through Disinvestment and Privatisation of PSUs

28 Saturday Feb 2015

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New Delhi, Feb 28 The government today proposed raising Rs 69,500 crore from disinvestment and strategic sale in state-owned companies.

Of  the total budgeted proceeds, Rs 41,000 crore is estimated to come from minority stake sale in PSUs, and the remaining Rs 28,500 crore is projected to come from strategic sale in both profit and loss-making companies.

As regards disinvestment in the current year, the government is expected to mop up only Rs 31,350 crore as against the budget target of Rs 63,425 crore.

The revised estimates have pegged the disinvestment receipts from minority stake sale in PSUs at Rs 26,353 crore, as against the target of Rs 43,425 crore.

In addition, Rs 5,000 crore will be raised from PSU Exchange Traded Fund (ETF).

“We have an elaborate disinvestment roadmap in front of us. As far as strategic sales are concerned, certainly we are not averse to the idea. Wherever we find the possibility existing, we will certainly consider it,” Finance Minister Arun Jaitley told reporters here.

The government has raised about Rs 24,500 crore through disinvestment in SAIL and Coal India in the current fiscal. It expects to raise Rs 6,850 crore in the remaining one month of the fiscal ending March.

Five per cent stake sale in REC and PFC are on cards in current fiscal.

The disinvestment department has lined up a host of companies including 5 per cent in ONGC, Dredging Corp, and Bharat Heavy Electricals (BHEL).

Besides, 10 per cent each in Indian Oil Corporation, National Aluminium Company (NALCO) and NMDC are also being planned.

It is also planning to list RINL and Hindustan Aeronautics through a 10 per cent stake dilution. (PTI)

 

Selling of Family Silver – How much already sold.

22 Monday Dec 2014

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As per a report in the Business Line today, during the last 4 financial years the government has already sold shares of profitable PSUs worth Rs. 75,813 crores as shown below:

2010-11 : Rs. 22,144 crore

2011-12 : Rs. 13,894 crore

2012-13 : Rs. 23,956 crore

2013-14 : Rs. 15,819 crore

Total       : Rs. 75,813 crore

In this Financial year Rs. 1,700 crores worth share has already been sold and more are going to be sold.

Maximum profit and benefit are for the corporates and the rich who buy the shares and not the government or the people.

Another Disinvestment – 5% of SAIL for Disinvestment in January 2015

22 Monday Dec 2014

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Disinvestment process goes on. Within a few years all the assets of the people will be sold to the corporates and rich by the Government, who is only the manager. Now it is the turn of the SAIL, Steel Authority of India Limited, a good profit company.

5% of the shares, coming to  42.77 crores of shares  worth Rs.14,,900 crore will be disinvested. The present 68.94% shares of SAIL will come down to 63.94%.

Dredging Corporation of India will be disinvested

08 Monday Dec 2014

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The disinvestment process of the Central Government continues without any break. The latest is in the dredging Corporation of India. The Government has decided to disinvest 5% of the shares from the present 78.5% the Centre holds.

Dredging Corporation of India deals with the dredging of the sea ports in India. There is no other PSU dealing with the work. There are sufficient work and the company is a profitable one.

Naturally, the target of the government is to privatise. It is for this purpose that the shares are being sold at the initial stage.

One more disinvestment, this time it is RCF

02 Thursday Oct 2014

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The Rashtriya Chemicals and Fertilizers (RCF) is the next PSU to be disinvested. The Central Government is proposing to divest 5% share from the existing 80% the government has got. The government calculates that it will get about Rs. 135 crores from the sale. The percent may increase to 10 also depending upon the situation.

Handing over the lucrative PSUs to the private companies continue with out any break. The MNCs and big business are very happy that they can take over the PSUs one after another.

Massive Disinvestment programme by NDA Government.

18 Friday Jul 2014

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Union Finance minister Arun Jaitley is fast moving with proposals for massive disinvestment of Central PSUs. it is proposed to sell the shares of ONGC, SAIL, Coal India Ltd.,HAL, Power Finance Corporation, National Hydro-electric Power Corporation, Rashtriya Ispat Nigam Ltd. etc. The Finance Ministry expects to get Rs. 43,000 crores.
This government continues the same policy of destroying the PSUs.

Budget moves for large scale Privatisation.

10 Thursday Jul 2014

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One of the major demands of the 11 Central Trade Unions, which they presented to the new Prime Minister and Labour Minister is “Stoppage of Disinvestment in Central/State PSUs.”

The Former Prime Minister Dr. Manmohan Singh stated to the Central Trade Union Representatives that these demands are unexceptionable, but did not take any action to implement them. The new Labour Minister Shri Narendra Singh Tomar also heard the TU leaders with attention.

But what has happened. The Railways Minister Shri Sadananda Gowda has proposed in the Railways Budget to bring PPP and Privatisation in Railways. The Finance Minister Shri Arun Jaitley in his Budget Presentation has clearly stated that FDI will be increased from 26% to 49% in Insurance and Defence sector. It is also stated that the PSU Banks will be disinvested. Thus Disinvestment and Privatisation are going to be implemented in a big way, in an aggressive way.

This is the attitude of the NDA government to the working class. Naturally there will be stiff resistance from the workers and it will not be much delayed.

Huge Disinvestment proposal in Budget ?

06 Sunday Jul 2014

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It is reported by Times of India that NDA government will seek to raise up to a record $11.7 billion in asset sales in its maiden Budget this week.
The privatization target could reach 700 billion rupees, almost equal to all proceeds over the last four years, in the new Budget going to be presented in the Parliament this week.

If this is true, then many PSUs will be disinvested and some of them may have strategical partners also, which means, gradually the PSUs will be handed over to private companies as in the case of VSNL, Centaur Hotels, BALCO etc., which was done during the last NDA government.

The government can expect mighty struggles from the workers and their unions.