Government defers RITES divestment

NEW DELHI - Putting an end to all speculation, Finance Minister Pranab Mukherjee Tuesday said the government has deferred divesting stake in RITES Ltd, the engineering consultancy and project management arm of the railways ministry.

“The public offering of RITES Ltd has been deferred for the present due to change in capital requirements of the company,” Mukherjee said in a written reply to Rajya Sabha.

However, the finance minister said the government’s holding in NHPC Ltd (formerly National Hydroelectric Power Corp) and Oil India would be diluted this fiscal.

“The public offerings of NHPC Ltd and Oil India Ltd are likely to be completed in the current financial year,” Mukherjee added.

The government Tuesday also approved disinvestment in two loss-making companies, Tyre Corp and Central Inland Water Transport Corp.

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