"The Cabinet Committee on Economic Affairs has approved buy back proposal," Praful Patel, minister of heavy industries, told reporters.
The government is far short of meeting its target of raising Rs 40,000 crore through stake sales in the current fiscal year ending in March.
Sources say only PSU with surplus cash after capex can participate in buyback offers. The timeline of the buyback, however, remains uncertain.
The individual PSU boards will take a final call on buyback.
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