The Indian government has decided to partially disinvest its equity stake in state run, special and alloy steel producer, Mishra Dhatu Nigam Limited (Midhani), a government official said on Thursday, November 26.
He said that the government was looking at selling at least 10 percent of its equity holding in Midhani, under administrative control of the Ministry of Defense and a major supplier of special and alloy steel, super alloys and titanium alloys for defense equipment manufacturing.
According to the official since the Indian government has opened up investments in defense equipment manufacturing for private investors under automatic approval route up to 74 percent equity stake, the government expected significant interest among domestic and foreign investors to pick up stake in Midhani, as latter is a critical supplier of inputs of range of defense equipment manufacturing as well as manufacturing equipment for nuclear and space sectors.