New Delhi, 31 MarchThe Narendra Modi government divested equity for Rs 46,247 crore in state-owned entities in 2016-17. This is more than the Union Budget's revised estimate for the year of Rs 45,500 crore, though well below the original estimate of Rs 56,500 crore. And, the highest ever from stake sales for any year. The target for 2017-18 is Rs 72,500 crore.Data from the department of investment and public asset management (Dipam) show of the Rs 46,247 crore for the year, nearly Rs 19,000 crore or 41 per cent came from share buybacks by seven public sector units. Namely, National Aluminium, Coal India, NMDC, MOIL, Bharat Electronics (BEL), NHPC and Nevyeli Lignite.While buyback is not stake sale in the accurate sense, it is still divestment; the Centre offloads part of its stake back to the PSu concerned. In July last year, Dipam issued guidelines for state-owned companies that state every PSU with a net worth of at least Rs 2,000 crore and cash and bank balances of Rs 1,000 crore ..
