NEW DELHI, July 5: The cabinet has approved disinvestment of a part of the government equity in four public sector units (PSUs), Gas Authority of India Limited (GAIL), Mahanagar Telephone Nigam Limited (MTNL), Container Corporation of India (CONCOR) and the Indian Oil Corporation (IOC).

The disinvestment process in these companies are likely to be implemented by the end of the financial year as part of efforts to achieve the budgetary target of Rs 4,800 crore, an official spokesman said.

On GAIL, the disinvestment commission has recommended disinvestment up to 25 per cent of the government equity which would come to 210 million shares. ``If this disinvestment is achieved, the government share holding would come to 71.63 per cent'', the spokesman said.

On MTNL, the commission has recommended disinvestment up to 49 per cent and the core group has proposed an offering of equity up to 47 million shares along with a fresh issue of 60 million shares.

``This will leave the government with 52.6 per cent holding'', he said.With regard to CONCOR, the spokesman said the cabinet had approved an offering of 12.5 million new shares along with a disinvestment of six million existing shares. This would leave the government with about 6.6 per cent.