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Indiaexportnews.com

Russia to privatise big companies

  07.03.2013    

Russia is pressing ahead with plans to sell its stake in Black Sea port of Novorossiisk as part of a privatisation drive that will one day include much of the state-run transport sector.
The disposal of the Novorossiisk Commercial Sea Port may involve a stock placement or a sale to a strategic investor, said Olga Dergunova, head of State Property Agency.
"We will propose both options to the government - a stock exchange placement as well as a sale to a strategic partner," she said.
In 2010 Russia announced plans to raise US$50 billion in five years from selling stakes in big companies, reported Reuters.
As part of the privatisation plan, the government has said it plans to sell a stake in shipping group Sovcomflot as well as a five per cent share of state rail monopoly Russian Railways in 2013.
Privatisation of Russian Railways is not possible this year, Ms Dergunova said, but Economy Minister Andrei Belousov said there is an overall plan to handle it.
Analysts say that Russian Railways , a sprawling conglomerate that employs more than a million people, would be difficult to float and that it would make more sense to press ahead with selling its operating units.
Russian President Vladimir Putin said share offerings would be done on the Moscow Exchange, narrowing the options for share offerings and ruling out London, New York or Hong Kong, according to the Shipping Gazette. 



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