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The Indian government Wednesday gave its nod to the appointment of merchant bankers and intermediaries to ensure smooth handling of disinvestment in state-run enterprises.

Cabinet Committee on Economic Affairs has given an in-principal approval for the strategic sale of 52.63% stake in Rural Electrification Corporation (REC) to Power Finance Corporation (PFC) along with transfer of management control.

The Cabinet Committee on Economic Affairs (CCEA) on Thursday approved a proposal of the Steel Authority of India Ltd (SAIL) to raise additional capital through sale of the government's stake in the company and issue of fresh equity in two tranches.

Over three lakh BSNL employees started an indefinite nation-wide strike from Tuesday to protest the proposed disinvestment in the telecom PSU, as also voluntary retirement.

The Supreme Court will hear Friday a petition challenging the Uttar Pradesh government's decision to privatise 11 operating sugar mills under the control of the Uttar Pradesh State Sugar Corporation Limited. The mills' disinvestment is slated for June 3.

The Union Cabinet has approved the sale of its 53.29% stake in Bharat Petroleum Corp Ltd (BPCL) to a private entity. BPCL is one of the most profitable oil refiners and operates fuel stations.