New Delhi: After seeing the stock market recovery in the current FY, the government is planning disinvestment in PSUs. Decision on disinvestment in ONGC and BHEL is on the cards to attract investment in PSUs. The decision on disinvestment in these two companies is likely to be taken in Empowered Group of Ministers (EGoM) meeting on Wednesday.

Due to uncertainties in global economy and volatility in the world market, domestic share market has also been affected till recent times. These factors were responsible for halt in disinvestment plans. But after seeing rally in the stock market since second week of January, the government is bullish about earning some buck through disinvestment in PSUs.

By selling partial stake in these two PSU giants through public offer in the current FY, the government is expected to earn Rs 14,500 crore. Disinvestment in ONGC through the auction process is expected to fetch Rs 12,000 crore. Disinvestment in BHEL is expected to give Rs 2,500 crore. Amount of disinvestment and price will be decided by EGoM under the leadership of the Finance Minister Pranab Mukherjee. Disinvestment department has already sent partial stake sales document to the Finance Minister.

The government has proposed 5 percent disinvestment in ONGC. For this government can decrease their stakes in Promoter Company. The government holds 74.14 stakes in ONGC. After the proposed disinvestment their stake will come down to 68.14 percent. The government is planning to sell 10 percent stake in BHEL.

Earlier in this month EGoM had sat for meeting without any result. Because of unavailability of Public Enterprises Minister Praful Patel, decision on disinvestment in BHEL could not be taken. In the current FY, the government has target to collect Rs 40,000 Crore through disinvestment. In the first 10 months, the government has collected only 1,145 crore through disinvestments.

(JPN/Bureau)