The ONGC-HPCL deal is probable to fetch the government Rs three hundred billion, the file stated quoting assets Eyeing Rs 1 trillion Budget 2018 range goal via disinvestment for subsequent economic, the Modi government may also give up FY18 with Rs 900 billion selloff, nearly two times the file parent of Rs 460 billion completed remaining yr, at the returned of its stake sale in Hindustan Petroleum corporation (HPCL) to oil and natural gasoline organization (ONGC), in line with The Time of India document.
The deal is probably to fetch the government Rs three hundred billion, the file stated quoting resources.
The sale of the authorities's stake in HPCL to ONGC is caught on valuation. in step with persons close to the improvement, the effort changed into to shut the deal before the end of this month however the government became searching at getting a better fee for its 51.1 according to cent stake in HPCL.
based at the contemporary market capitalisation, a fifty one in step with cent in HPCL is valued at Rs 323 billion, approximately Rs 23 billion higher than in remaining July while the Union cabinet had cleared the sell-off. however, reviews endorse that once evaluating the marketing network, physical belongings and logo fee of HPCL, the valuation can be around Rs 450 billion.
The cupboard Committee on economic Affairs had given in-principle approval for the strategic sale on July 19 closing 12 months.
The government's non-tax revenue is extremely depending on the deal. As on January 2, overall disinvestment proceeds for 2017-18 stood at Rs 538 billion against the goal of RS 725 billion set via Finance Minister Arun Jaitley. If the ONGC-HPCL deal works out, this may be first time considering the fact that 2009 that the government could be surpassing the disinvestment goal.
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