Govt Divestment Target

RBI bumper payout to curb major divestments, govt keeps Rs 50k cr target

The record Rs 2.1 lakh crore dividend payout by the Reserve Bank of India will limit the need for big-ticket divestment, a domestic rating agency said on Thursday. Care Ratings said the new government will retain the interim budget's Rs 50,000 crore target on receipts from divestments. "With a bumper dividend from the RBI, the central government's fiscal position remains comfortable, which may limit the urgency to push ahead with big-ticket divestments," it said. If there is a shortfall in the resource accretion, the government will prefer asset monetisation, it added. Shipping Corporation of India (SCI) sales expected to be completed during the year will make it easy sailing for the government on the FY25 target, the agency said. "After the demerger of land assets of the Shipping Corporation of India (SCI), its possible divestment looks likely in FY25, provided favourable market conditions prevail. If the government offloads its entire stake in SCI, it could generate Rs 12,500-22

TDP MP urges Centre to review 100% equity divestment in Vizag Steel Plant

TDP Member of Parliament Kanakamedala Ravindra Kumar on Friday demanded that the Centre take steps for revival of Visakhapatnam Steel Plant and review its decision to divest government stake. He was speaking in Rajya Sabha during Zero Hour. The Cabinet Committee on Economic Affairs had in January 2021 given in-principle approval for 100 per cent strategic disinvestment of the government shareholding in RINL -- also called Visakhapatnam Steel Plant or Vizag Steel -- along with RINL's stake in its subsidiaries/joint ventures. "Subsequent to the decision of the government, there is much discontent among crores and crores of people of Andhra Pradesh. Employees and union of the plant are staging demonstrations and protesting against the decision. The request to reconsider the government decision has been made in different fora by people's representatives," Kumar said. He told the House that RINL was operating at 68 per cent of 6.3 MTPA capacity up to February 2023. Though the blast ...

Govt likely to miss divestment target as Hindustan Zinc sale delayed

With the government's offer for sale plans in HZL in limbo, it is unlikely that the disinvestment would happen by March

Bottom-up approach required in fixing divestment target: DIPAM secretary

'If the geopolitical situation stabilises, we'll see whether we can relaunch the (BPCL) transaction', said Tuhin Kanta Pandey

IDBI Bank surges 11% as govt invites bids for strategic divestment

LIC, which owns 49.2% in IDBI Bank, will cut its stake to 19%, while the government will reduce its shareholding to 15% from 45.5% at present

WAPCOS files IPO papers with Sebi as govt sets new divestment targets

Public sector firm WAPCOS Ltd has filed preliminary papers with capital markets regulator Sebi to float an Initial Public Offering. The public issue will be a complete Offer For Sale (OFS) of up to 32,500,000 equity shares by the promoter, Government of India, according to the Draft Red Herring Prospectus (DRHP). WAPCOS provides consultancy, and engineering, procurement and construction services in the field of water, power and infrastructure sectors. It comes under the Ministry of Jal Shakti. The company also provides its services abroad, particularly in South Asia and across Africa in the fields of dam and reservoir engineering, irrigation and flood control. It has ongoing projects in 30 countries and has been associated with over 455 overseas projects, both completed and ongoing, as per DRHP. The company's revenue from operations increased 11.35 per cent to Rs 2,798 crore in the financial year 2022 while profit after tax rose 14.47 per cent to Rs 69.16 crore during the same ...

How close is the govt to its divestment target for FY23?

After missing disinvestment target for three years, will the govt be able to nail it this financial year? How are things progressing for the Centre's divestment and privatisation plans? Let's find out

LIC mega IPO opens for retail, institutional investors; to close on May 9

LIC public offer, the country's biggest-ever IPO, on Wednesday opened for subscription for retail and institutional investors. The government aims to generate about Rs 21,000 crore by diluting its 3.5 per cent stake in the insurance behemoth. The LIC initial public offering (IPO), now open for retail and institutional investors, is set to close on May 9. LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, and policyholders will get a discount of Rs 60 per equity share. The share sale is through an offer-for-sale (OFS) of up to 22.13 crore equity shares. The shares are likely to be listed on May 17. LIC has cornered a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions. Anchor Investors (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs 949 per equi

Uncertainty mars divestment plan: Govt misses target for 2nd time in 3 yrs

The Centre has missed its revised divestment target for the second time in three years even after slashing the target by 55 per cent to Rs 78,000 crore in the Union Budget

Banks and railways privatisation will take away 500,000 jobs: Varun Gandhi

For the last several months, Varun Gandhi, BJP MP from Uttar Pradesh's Pilbhit has been expressing views on various issues that are not in line with his party's official stand

Ahead of mega IPO, TN CM Stalin asks Centre to rollback LIC divestment

An ideal government builds institutions instead of involving itself in a selling spree. I urge the Union government to rollback this ill-thought-out decision and save LIC India: Stalin

Centre plans to take OFS route to sell 20% in National Fertilizers

Sale could fetch govt around Rs 408 crore

Govt to sell up to 10% in SAIL via OFS, may fetch Rs 2,600 crore

On offer are 206.5 million shares, or 5% of company's stock, at a floor price of Rs 64 a share, with option to sell another 5% if issue is oversubscribed

PSUs divestment: The act of setting ambitious targets and falling short

The current fiscal year (2020-21) for divestment has been challenging, with the Covid-19 pandemic having dragged the markets to record lows

BPCL disinvestment gets going with multiple EOIs, Reliance stays away

Aramco also not in fray; actual number bids not revealed but sources say three of four have been received

Govt raises Rs 11,500 cr from strategic sale of THDC, NEEPCO to NTPC

With this, the total disinvestment proceeds in the current financial year stand at over Rs 46,500 crore

Govt to sell Rs 8,000-cr SUUTI stake to meet revised FY20 divestment target

The Centre currently owns 4.71% in Axis Bank and 7.93% in ITC through SUUTI

Divestment to help both LIC and government, says Jayant Sinha

Sinha praised Sitharaman saying she addressed the economic situation, fiscal deficit and macro-economics very well

BPCL, Air India, Concor divestments unlikely by March-end: Govt official

Govt has so far raised Rs 17,364 crore through stake sale against Rs 1.05 trillion target

Cabinet panel to soon take up proposal to pare majority govt stake in PSUs

BPCL will be a key to achieving the divestment target, of which only Rs 17,364 crore is met so far