Govt aims to meet disinvestment target this fiscal

New Delhi, Dec 10: Government aims to complete the first tranche of proceeds from Hindustan Zinc Limited (HZL) during the current fiscal, a senior finance ministry official said on Friday. This, he said, would help the Centre meet its disinvestment target of Rs 65,000 crore for the current fiscal. Speaking at a summit organised by CII, secretary in the department of investment and public asset management (DIPAM) Tuhin Kanta Pandey said that the government is working on offer for sale (OFS) for Hindustan Zinc. He indicated that some stake dilution is likely to happen this fiscal. Pandey further said that stake sales of IDBI Bank and Concor would take time and may not be completed this year. At the current market cap, the government’s stake in HZL is worth nearly Rs 35,000 crore. However, since the stake sale will happen in tranches, the Centre may get some portion of the expected receipts in the current financial year itself. The Department of Investment and Public Asset Management (DIPAM) has so far raised Rs 62,000 crore from stake sales and dividends.