Government of India proposes to sell shares of 35 State-run companies

New Delhi, June 9 (ANI): Minister of State for Heavy Industries and Public Enterprises Arun Yadav on Wednesday said the 35 State-run companies would sell shares in phases over the next five years.

"We have listed almost 35 companies, which will go for public stakes. Once we get the release from the Finance Ministry we will go ahead," said Yadav at the inauguration of the First Summit of the Public Sector Enterprises here.

"The Heavy Industries Ministry is waiting for the approval of Finance Ministry to start the process," he added.

Yadav further said that as of now, there were no plans for any share sale in state-owned explorer Oil and Natural Gas Corporation (ONGC).

The sale is estimated to generate revenue amounting to Rs 1.5 trillion over the next five years.

"In the next five years, almost one lakh fifty thousand crore rupees revenue the government gets from the companies," said Yadav.

He added that while freedom of operations are given to most of the companies, Public Sector Enterprises (PSEs) will be given 'Maharanta' status, which would grant them full autonomy in operations. (ANI)