Steel Ministry identifies two PSUs for disinvestment

New Delhi, Aug. 7 (ANI): Steel Ministry has identified two Public Sector Units (PSUs) for disinvestment, and is going to send its recommendations to the cabinet later this month, Union Steel Minister Virbhadra Singh said on Friday.

"We have identified two steel PSU's for disinvestment. We will be going to cabinet within this month," Singh told reporters here.

Speaking on the sidelines of Converging India Leadership Summit, Singh said the ministry is in the process of finding more PSU's for disinvestment.

"A couple more are in the pipeline for selling govt stake", he added.ingh said the ministry is looking to raise about 15,000 crore rupees from the process of disinvestment.

Meanwhile, the Steel Ministry has already sent its proposal to sell 10 per cent of its stake in Manganese Ore (India) Limited to the Ministry of Finance.

Steel Secretary P K Rastogi had said on August 4 that the ministry had approved the sale of 8.38 percent of its stake in iron ore producer NMDC and would take the proposal in a day or two to the Finance Ministry.

India's present annual steel production stands at 55 million tonnes and is being enhanced to 124 million tonnes by 2011-12. (ANI)