With Parliament session over, the government is expected to kick off the divestment process in June.
"Now that the Budget session is over, the sale of government shares in various public sector undertakings should begin in a few days," sources told PTI.
While the finance ministry was in favour of starting the divestment process earlier, other ministries wanted the Budget session to get over first.
Even Prime Minister Manmohan Singh had said at the meeting of Congress Working Committee that the government must once again pursue divestment in public enterprises both to raise resources for development and to make public enterprises more accountable and efficient.
The divestment process this fiscal is expected to start with sale of government shares in Bharat Heavy Electricals Limited and Maruti Udyog Limited.
The Divestment Development: Complete Coverage
The government has already declared its intention to offload 10 per cent shares in BHEL and 7.5 per cent shares in Maruti.
Other companies in which the government would dilute its stake include Shipping Corporation of India and Engineers India Ltd, sources said.
In Jessop and Company, the government will sell its entire remaining stake.
Ruias, who had bought 72 per cent stake in Jessop, has now written to the government to buy the remaining 27 per cent share of the government in the company.
While the finance ministry is in favour of the proposal, it has sought views of the law ministry on the issue as the employees of the company have filed a suit in the Supreme
Court questioning the divestment of the company.
After the strategic divestment of Hindustan Zinc, government equity in the company stands at 29.54 per cent. Government had offloaded its stake in Hindustan Zinc in
tranches.
The value of government holding in Hindustan Zinc stands at Rs 2,000 crore (Rs 20 billion) at current market price of the company's scrip.
The put option that the government has in the company expired on April 10.
In Engineers India Ltd, the government holds 90.40 per cent. For SCI, which was on the divestment list of the National Democratic Alliance government has proposed selling 15 per cent shares.
The sale of government equity in the company will bring down the government stake in it to 65.12 per cent from 80.12 per cent. The sale is expected to net the government something around Rs 640 crore (Rs 6.4 billion).
The proposed public offer for BHEL and Maruti is expected to net the government a little less than Rs 3,000 crore (Rs 30 billion).
