The government is chalking out a fresh `top down' strategy for divestment, whereby the Cabinet will be first approached for providing in-principle clearance to a clutch of public sector companies.
According to sources, the first batch of companies include big-ticket PSUs like Maruti Udyog, VSNL, IBP, HPCL, MTNL and even some of the power sector giants for divestment.
Sources explained first a list of companies to be divested in would be drawn up for in-principle clearance.
This is a clear departure from the earlier practice of going in for individual proposals which were very often turned down by the administrative ministries.
They added unless the government identified the big-ticket disinvestment upfront, they would be unable to reach the Rs 10,000 crore target fixed in the budget for this financial year. They said at the current pace and strategy of divestment the government would be able to get only around Rs 1,000 crore.
Under the new strategy, the government will chalk out an annual programme for the divestment department to enable the government reach its targets.
In cases of companies like Maruti where the department has mooted divestment of the government's entire 50 per cent holding, the estimated realisation is likely to reach around Rs 2,995 crore.
Even though some power companies are expected to be put up in the list, sources said divestment in these companies would first require restructuring.
