Arab Today, arab today india delays stake sale in psus
Last Updated : GMT 07:51:35
Arab Today, arab today
Arab Today, arab today

India delays stake sale in PSUs

Arab Today, arab today

Arab Today, arab today India delays stake sale in PSUs

Mumbai - Arabstoday

India is delaying selling off stakes in Public Sector Undertakings (PSUs). The sale is to help plug a yawning budget gap, with New Delhi’s own policies battering sentiment towards government enterprises even as it readies more for market. This week the government ordered state-run Coal India to sign guaranteed supply pacts with power producers at below-market prices, raising the hackles of British activist investor The Children’s Investment Fund Management (TCI). TCI, which owns 1 per cent of Coal India, the world’s largest coal miner, plans legal action against it for not protecting minority shareholder interests. The coal order follows a proposal in last month’s budget to lift tax on oil production that will knock $978 million from Oil and Natural Gas Corp’s pre-tax profit. That came weeks after a messy government selldown of a $2.5 billion stake in Oil and Natural Gas Corporation (ONGC) that ended up mostly in the hands of a state insurer. “It will be difficult for the government to find buyers of shares in the public sector firms after the recent decisions,” said Juergen Maiar, a Vienna-based fund manager with Raiffeisen Euroasien Aktien, which owns Indian shares worth $300 million, including a stake in ONGC. “The interference by majority shareholders is not new, but how can the government set a very high divestment target and take decisions that will definitely hit companies’ profit,” said Maiar, who does not plan to add to his state holdings. The budget made headlines with provisions that could retroactively tax long-completed mergers, potentially putting Vodafone Plc back on the hook for more than $2 billion in tax, despite a win in India’s Supreme Court in January. The British mobile operator had fought a 5-year legal battle against the tax demand over its acquisition of Hutchison Whampoa Ltd’s Indian mobile assets in 2007. Uncertainty over another budget proposal that could tax foreign institutional investors has also spooked overseas funds, which typically buy the majority of large Indian equity sales. “It’s counterintuitive to see the government making life difficult for public sector companies, and foreign investors for that matter, while it is in desperate need for cash and foreign funding,” said Michiel van Voorst, a fund manager at Robeco in Hong Kong, which manages $400 million in India.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today india delays stake sale in psus Arab Today, arab today india delays stake sale in psus

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 05:15 2017 Tuesday ,21 February

Gold firms as markets await Trump tax plans

GMT 04:58 2017 Tuesday ,21 February

EU, IMF in ‘common position’ on Greece crisis

GMT 14:57 2017 Monday ,20 February

A giant initial public offering on track

GMT 14:50 2017 Monday ,20 February

Energy Market Research

GMT 09:38 2017 Monday ,20 February

Japan returns to trade deficit in January
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday