RITES, Rail Vikas Nigam, 9 other PSUs’ listing cleared by Cabinet

RITES, Rail Vikas Nigam, 9 other PSUs’ listing cleared by Cabinet

Building up momentum (गति) for time-bound listing of PSUs, the Union Cabinet, on Wednesday, approved listing of 11 companies including RITES and Rail Vikas Nigam. The government plans to divest (छूट) upto 25% of its shareholding in these PSUs via IPOs, which are expected to hit market in 2017-18. Other PSUs approved for IPO are North Eastern Electric Power Corporation, MSTC, Mazagon Dock Shipbuilders, Indian Railway Finance Corporation, Indian Railway Catering and Tourism Corporation, IRCON International, Mishra Dhatu, Garden Reach Shipbuilders & Engineers and Bharat Dynamics.

In most of the cases, the government has already initiated (शुरू किया) processes such as for appointment of merchant bankers for the IPOs. With listing of central PSUs virtually (वस्तुतः) coming to a standstill due to reasons varying from indecisiveness (अनिर्णायकता) of administrative ministries to market volatility(अस्थिरता) , the government has now set itself stiff time-bound targets for listing of Central PSUs.