Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey has informed that the government will invite financial bids for privatisation of five to six public sector undertakings (PSUs) in December-January, and close these transactions in the current financial year.
At the Global Economic Policy Summit, Pandey said, after 19 years, privatisation of five to six PSUs will take place this year itself. BEML, Shipping Corporation of India ( SCI), Pawan Hans, Central Electronics, Nilachal Ispat Nigam are the PSUs the government is looking to privatise this year.
Regarding privatisation of Bharat Petroleum Corporation Ltd (BPCL) Pandey said it is in the due diligence stage. Three bidders have reportedly shown interest in acquiring the oil marketing company. While there is a consultative process at the official and ministerial level to accomplish things faster, the Cabinet Secretary has also held a meeting to further simplify the process.
Further, he informed that the government is also working to launch the initial public offering of Life Insurance Corporation of India (LIC) in January-March. This IPO will be a big event for markets.
Knowledge Update
Centre to Disburse ₹95,082 Crore to States to Boost Economic Activity