- Saturday, April 20, 2024
By: Shubham Ghosh
THE Narendra Modi government is looking to completely privatise five to six state-owned companies, including Bharat Petroleum Corp Ltd (BPCL) in the current fiscal, Tuhin Kanta Pandey, the secretary of the department of investment and public asset management (DIPAM) at said at the Confederation of Indian Industry Global Economic Policy Summit 2021 in New Delhi on Wednesday (17).
The DIPAM deals with all matters related to management of the Indian government’s investments in equity, including divestment of equity in central public sector undertakings.
ALSO READ: Air India ‘comes home’: Tata Sons wins carrier bid at 1.7b
Revealing details about the government’s privatisation plan, Pandey said the government is also aiming to close privatisation of Bharat Earth Movers Limited (BEML) and Shipping Corp of India (SCI) and to list the state-owned Life Insurance Corp (LIC) on local bourses in the year to March next year.
According to Pandey, the divestment of BPCL is in due-diligence test, Mint reported. The sale of BPCL would bring about $13 billion (£9.6 billion) for the exchequer and other shareholders, it said.
“While financial bidding of BEML, Shipping Corp, Pawan Hans, Central Electronic and Neelanchal Ispat can take place in December to January and expecting their transaction in the current fiscal,” the DIPAM secretary was quoted as saying.
He also said that the Modi government is aiming to hand over Air India to Tata Group in December.
