CCEA approves disinvesting 15 % in NBCC

| Updated: Jul 13, 2016 21:53 IST

New Delhi, July 13 (ANI): The Cabinet Committee on Economic Affairs (CCEA) on Wednesday decided to disinvest 15 percent of its stake from National Building Construction Corporation (NBCC), which is expected to generate a capital of Rs. 1,706 crores for the government. Briefing the media for the first time after assuming charge as Law and Justice Minister, Ravi Shankar Prasad said the cabinet committee took two important decisions today. "In the National Building Construction Corporation (NBCC), it has been decided to disinvest 15 % paid-up capital out of the Government of India's shareholding of 90 %," he said. "We will also give 5% shares to the employees at discount. Then government hopes that an estimated receipt of 1,706 crores could come from this (disinvestment)," he added. NBCC , a Navratna company, is a public sector undertaking which trades publicly in the market and is largely owned by Government of India. It engages in the real estate development and construction business, and also provides project management consultancy. Prasad said that some shares of ITI, under Department of Telecommunications (DoT), would also be transferred to SNIF. "There was a decision to transfer shares of ITI. Requisite number of shares of ITIs, under the ministry of telecommunications, would be transferred to special national investment fund (SNIF)," he said. He said the cabinet has also approved revised cost estimates of Rs.7, 290 crores for ongoing 1020 MW for Punatsangchhu-II Hydroelectric project in Bhutan. Bharat Heavy Electricals Limited (BHEL) is currently executing two projects in Bhutan, called Punatsangchhu and Mangdechhu . Among other decisions, the cabinet has also approved setting up of facilities for persons from minority communities from Afghanistan, Bangladesh and Pakistan. (ANI)