NTPC likely to buy Centre's stake in SJVN, discussions on with HP govt
Power company NTPC is likely to acquire the Central government's stake in SJVN Ltd, an official said.
However, the acquisition deal is stuck because of resistance from the Himachal Pradesh (HP) government, the official added.
The transaction would fetch the exchequer about Rs 6,700 crore at current market prices.
SJVN is a joint venture between central government and Himachal Pradesh government, with the Centre holding 63.79 per cent stake and the latter holding 26.85 per cent at the end of September.
"We are looking at NTPC acquiring Centre's share in SJVN. The matter is stuck because of resistance from Himachal Pradesh government. We are discussing it," the official said.
At the current market price, sale of 63.79 per cent stake in SJVN would fetch the Central government about Rs 6,700 crore.
The Cabinet Thursday approved PFC buying the government's 52.63 per cent stake in REC. The transaction would fetch the government Rs 15,000 crore.
The government has already mopped up over Rs 32,000 crore from CPSE disinvestment in the current fiscal.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.