IPOs from the power sector in the offing

New Delhi, Nov 2 (UNI) The long-awaited Initial Public Offerings (IPOs) of several power sector Public Sector power Companies is in the offing with the Power Ministry poised to approach the Cabinet for speeding up the process.

''We have already moved a cabinet note for Power Finance Corporation and would be sending other four in the next 10-15 days,'' Power Secretary R V Shahi said here at a ASSOCHAm function.

The Power Ministry had earlier set a deadline of April 2007 to list these five companies on the bourses.

The Secretary said the Power Ministry would soon seek approval for the issuing of upto 20 per cent fresh equity. The PSUs will sell their assets in phases, he said.

PFC, Rural Electrification Corporation, National Hydroelectric Power Corporation, Power Grid Corporation of India Ltd and North Eastern Electric Power Corporation are among the PSUs to go off the block.

UNI RT KR BD2009