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RINL selloff by month-end

New Delhi, Oct. 8: The government plans to kick off its divestment process by diluting a 10 per cent stake in state-run Rashtriya Ispat Nigam Ltd (RINL) by the end of this month.

“RINL divestment will be by the end of this month,” finance minister P. Chidambaram said at the annual Economic Editors’ Conference here today.

He expressed optimism about the government being able to meet the budgeted Rs 30,000-crore divestment target for this fiscal.

“I will be quite happy if I can meet the target and complete the timetable (for divestment) as laid down. Because if we do it in the five-and-a-half months, that’s indeed fast-tracking,” he said.

The government plans to divest its stake in at least a dozen firms in the next few months, raising the possibility of state-owned firms hitting the market almost every fortnight.

In January, the Cabinet Committee on Economic Affairs had approved the RINL selloff. The Centre owns a 100 per cent stake in the firm.

 
 
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