BHEL FPO may happen before ONGC issue: Disinvestment Secy

In an interview to CNBC-TV18, Mohammad Haleem Khan, Disinvestment Secretary said, Oil and Natural Gas Corporation ’s follow-on public offer (FPO) will be reviewed after a fortnight.

According to him, BHEL FPO may happen before ONGC FPO. However, he said, BHEL FPO timing does not hinge on ONGC issue. "If BHEL is ready with all the procedures in place and compliances, which are required, and it is also comfortable with the market position then it can go ahead irrespective of whether ONGC is done before it or after that," he added.

Below is the edited transcript of his interview with CNBC-TV18's Udayan Mukherjee and Mitali Mukherjee. Also watch the accompanying videos.

Q: The government had set out a disinvestment target of Rs 40,000 crore, barely 3% of that has been achieved. Is the government at all confident of achieving that target or has that been completely reworked?
A: These numbers have emerged out of the budgetary exercise. When they decided to prepare budget for 2011-12, they created budgetary estimates. This Rs 40,000 crore number comes from that. Now, this process has got certain amount of sanctity. After the second quarter, there will be a revision of estimates.
When the revision of estimates takes place, they will take all things into account and decide whether the Rs 40,000 crore number is to be revisited. Otherwise, at this point of time, we are saying that Rs 40,000 crore is the target which has to be achieved by the department. Keeping in view the various options available, we will continue to work for that.

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