- Hindi News
- Air India Privatisation; Narendra Modi Government’s Plan To Privize Or Disinvest More Companies
New Delhi10 hours ago
After handing over Air India to private hands, now the central government will work fast to meet the target of privatization and disinvestment. In the financial year 2021-22, the Modi government is planning to privatize or disinvest more than half a dozen companies.
The government is still far behind the target
The government has set a target of Rs 1.75 lakh crore from privatization in this financial year. However, so far the government has received only Rs 8,369 crore from stake sale in Axis Bank, NMDC and HUDCO etc. and recently, about Rs 18,000 crore from the sale of Air India. In this way, only about Rs 26,369 thousand crore has been raised so far. In such a situation, the government still has to raise a lot of money to meet the target of Rs 1.75 lakh crore.
Government will also give BPCL in private hands
A few months back, Investment and Public Asset Management (DIPAM) Secretary Tuhin Kant Pandey had told that the privatization work of Bharat Petroleum Corporation (BPCL) would be completed by March 2022. Apart from this, the government also wants to complete the process of privatization of Shipping Corporation of India, BEML, Pawan Hans and Nilanchal Ispat Nigam this year. The process of privatization of all these companies is going on. Apart from this, two PSU banks and one insurance company are also to be privatized.
Government will fill its pocket by selling stake in these companies
LIC : The central government wants to earn money by selling its stake in Life Insurance Corporation of India, ie Life Insurance Corporation of India (LIC). The government can raise up to Rs 1 lakh crore by bringing LIC’s IPO.
BPCL : The government is going to completely privatize Bharat Petroleum Corporation Limited (BPCL). For this, financial bids can be called by December. The government has a 53% stake in Bharat Petroleum, which is worth about Rs 50,000 crore.
Pawan Hans: Helicopter maker Pawan Hans is also planned to be given in private hands. The government currently holds 51% stake in it and 49 per cent is held by state-owned oil and gas company ONGC. ONGC has also decided to sell its stake.
Nilanchal Ispat Nigam : The government has received Expression of Request (EOI) from several companies for Nilanchal Ispat Nigam. This too is to be privatized before March 2022.
Central Electronics Limited : After the privatization of Air India, now the Modi government has intensified preparations for the sale of another state-owned company Central Electronics Limited (CEL). The government has received financial bids for the sale of this company. The Finance Ministry has given this information.
IDBI Bank : The cabinet has given approval for strategic disinvestment and management control transfer in IDBI Bank. The central government and LIC have a total stake of 94% in this bank. In which LIC holds 49.24% and the government holds 45.48%. Apart from this, 5.29% stake is held by other investors. The Finance Minister had said during the budget that the process of privatization of IDBI Bank would be completed in the current financial year itself.
SCI : Shipping Corporation of India (SCI) is also to be privatized before March 2022. In this also the government is selling its entire 63.75% stake. For this also many companies have shown interest. Out of which the names of three companies have been finalised.