New Delhi (NVI): The government is planning to decrease shareholding in defence public sector undertakings (PSUs) namely, BEML Ltd., Garden Reach Shipbuilders & Engineers Limited and Mishra Dhatu Nigam Limited, the Rajya Sabha was informed today.
This informed was given by the Minister of State for Defence, Shripad Naik in a
written reply to question in the Rajya Sabha.
“The completion of a transaction depends on market conditions. Therefore, it is not possible to predict a timeline,” according to the Ministry of Defence statement.
The Government has already decreased its shareholding and funds collected by decrease in shareholding in various PSUs making defence-related equipment in last five year.
These PSUs includes Bharat Electronics Limited (BEL), Bharat Dynamics Limited (BDL), Hindustan Aeronautics Limited (HAL), Mishra Dhatu Nigam Limited (MIDHANI), Garden Reach Shipbuilders & Engineers Ltd. (GRSE) and Mazagon Dock Shipbuilders Limited (MDL), the statement added.
“Policy of disinvestment of minority stake without transfer of management control is being followed for priority sector including defence to unlock value, promote public ownership, to meet the minimum public shareholding norms of SEBI and for ensuring higher degree of accountability,” Naik said in a written reply to a question.