Cabinet defers decision on selling 10.82 per cent stake in SAIL

The Cabinet on Thursday deferred a decision on selling 10.82 per cent stake in Steel Authority of India Ltd (SAIL) as Steel Minister Beni Prasad Verma was away on official tour.

The Steel Minister is in Tokyo on an official tour and could not attend the Cabinet meeting.

In the absence of Verma and Steel Secretary, who is also in Tokyo, the Cabinet did not take up the proposal moved by the Department of Disinvestment, sources said.

The government has set a target of raising Rs 30,000 crore this fiscal by selling stakes in 15 companies including about 10 per cent in SAIL.

The 10.82 per cent stake sale is likely to fetch about Rs 4,000 crore at current market price.

Government owns 85.82 per cent of the company.