Govt. to completely exit erstwhile PSUs

DIPAM’s Pandey says awaiting court orders for other divestments, hinting at Hindustan Zinc, Balco

The government is eyeing a sale of its residual stakes in erstwhile public sector firms like Paradeep Phosphates, Hindustan Zinc and Balco, which were privatised during the Atal Behari Vajpayee regime, a top finance ministry official said. “We intend to exit from Paradeep Phosphates, a disinvestment done way back in 2002,” Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey said on Wednesday. “We are retaining some stake that we will completely exit this year. We also have the intention to exit some of the other entities, subject to court rulings as there are some court stays out there,” he added. The government still owns 49% stake in aluminium producer Balco and 29.5% in Hindustan Zinc, with the latter’s sale held up since 2016 following a Supreme Court stay. With both the firms staying highly profitable after the transfer of management control to a private player, these stakes could yield a significant bonanza for the exchequer.