Business & Economy
Centre to dilute stake in
Maruti Udyog, BHEL
What is India News Service,
Wednesday, 12 January 2005, 2100 hrs IST
The government has decided to dilute a portion of its holding in Maruti Udyog and power plant equipment maker Bhel through public offers by the end of this fiscal. The stake sale, initiated by the finance ministry, will help the government raise around Rs 2,000 crore and reduce the fiscal deficit.
The department of heavy industries, senior government officials said, has agreed to the stake dilution, subject to the condition that the equity would be offloaded only in the Indian capital market. The government plans to sell 5% holding in Bhel and around 8-10% in Maruti.
"We want to do it this fiscal, otherwise there could be a problem for the fiscal deficit," the government official said. The proceeds from this dilution is expected to bring down fiscal deficit to 4.4% of GDP from 4.8% last year. The government, at present, owns 67.7% in Bhel and 18.48% in Maruti. "With Maruti, we wanted to offer the stake to the Indian public and investors rather than selling it in the international markets or to Suzuki. We will completely exit Maruti later through another round of stake sale," the official said.
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