Government puts disinvestment in top gear

The union cabinet approved buyback of shares for public sector enterprises to meet the daunting Rs 40,000 crore disinvestment target set in the budget of February 2011. The cabinet also cleared cross-holdings among various state-owned enterprises. So far the government has managed to raise about Rs 1,100 crore and is looking to mobilise another Rs 12,500 crore with the offer for sale of Oil and Natural Gas Corporation today.