new delhi the cabinet committee on economic affairs ccea on wednesday approved the strategic disinvestment of equity shareholding of minerals metals trading corporation mmtc national mineral development corporation nmdc mecon bharat heavy electricals bhel and two odisha state government psus in neelachal ispat nigam limited ninl to a strategic buyerthe buyer is to be identified through a twostage auction proceduremmtc holds 498 nmdc 101 mecon 07 and bharat heavy electricals bhel 07 in neelachal ispat nigam two odisha state government psus which include industrial promotion and investment corporation of odisha ipicol 12 and odisha mining corporation omc 205 are also part of the joint venture firmninl is a joint venture company in which four central public sector enterprises mmtc nmdc bhel and mecon and two odisha state government psus ipicol and omc are shareholdersthe proposed strategic disinvestment of ninl would unlock resources to be used to finance the social sector and developmental programmes of the governmentit is also expected that the successful strategic buyer may bring in new management technology investment for the growth of the company and may use innovative methods for the development of the business operations of the company which may generate more employment opportunitiesthe government has set an ambitious target of raising rs 105 lakh crore from stake sale in staterun companies in the current fiscal year but has raised only rs 173643 crore it has plans to undertake strategic sales in a clutch of companies including energy company bpcl which is expected to raise up to rs 80000 crore but the progress on this has been slow