Centre makes renewed bid to complete privatisation of PSUs

The government is likely to conclude the privatisation process of state-run companies that are in the pipeline after facing a setback over the sale of state-run oil refiner BPCL by the end of this fiscal.
Shipping Corporation of India (SCI), BEML- public sector defence equipment manufacturer, engineering consulting firm PDIL and the Nagarnar steel plant of the country’s largest iron ore producer NMDC are among the companies where the government plans to speed up the privatisation process, reported TOI.

Owing to pandemic-led disruptions, the process has been delayed for quite a long time now, therefore, the government has decided to provide a fresh push to privatisation of state-run banks and insurance companies.

The Department of Investment and Public Asset Management (DIPAM) has already started organising roadshows including presentations to the financial world and investors to show the company’s offerings.

The disinvestment target set for this fiscal is Rs 65,000 crore which the government is expected to meet. Out of the total target, Rs 24,047 crore have been raised from asset sales in state-run firms. Sales of residual stakes in Hindustan Zinc and Paradeep Phosphates are likely to bring the government closer to the target of this fiscal.