PSU sales power up Centre's divestment kitty, yet public ownership retained

Jaitley said such sales were in line with his announcement regarding consolidation of public sector units in the February 2017 budget

The Centre’s strategic sale of state-owned companies has ensured that the ownership of public sector undertakings (PSUs) remains with the public, despite divestment of its stake. Union Finance Minister Arun Jaitley said the sale of Rural Electrification Corporation (REC) to Power Finance Corporation (PFC) will be completed in the current fiscal year.

Oil and Natural Gas Corporation (ONGC) taking over Hindustan Petroleum Corporation (HPCL) in January this year gave a mega push of Rs 369.15 billion to the Centre’s budget in FY18, and not only helped it achieve the budgetary disinvestment target of Rs 725 billion but also exceed the same. 

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