Page 2 - Privatisation

Centre invites bids for privatisation of Indian Medicines Pharmaceutical

Interested buyers in Indian Medicines Pharmaceutical should submit initial bids to the government by Oct 15, according to the government document

Employees' union stages protest against privatisation of IDBI bank

Drawing attention to the problems, Nagarajan added that the move to lower the stake in the bank will affect the financial inclusion programme of the government

Land spinoff holds up $232 million BEML privatisation deal: Reports

The Indian government is looking to sell 26% out of the total 54% stake it holds in the company along with a transfer of management control

Move to privatise PSBs will be opposed tooth and nail, says AINBOF

Any move to privatise public sector banks (PSBs) will be opposed "tooth and nail", the All India Nationalised Bank Officers Federation (AINBOF) asserted on Wednesday. AINBOF general secretary Sanjay Das said that bank nationalisation was the most successful and biggest economic reform in independent India and paved the way for the public sector banks to play a crucial role in the development in all sectors of the country. With high unemployment, inflation and economic inequalities continuing, there is a need to have control on capital which can be done only through expansion of PSBs and not by handing over these precious assets to "crony capitalists", Das said on the occasion of 55th year of bank nationalisation in the country. The PSBs promoted financial inclusion, mobilised savings and channeled funds to vital sectors of the economy like agriculture, SMEs, education and infrastructure, he said. "The purpose of social control was to accomplish widest possible distribution of bank

PSU banks in real danger of privatisation despite a crucial role: AIBOC

All India Bank Officers' Confederation (AIBOC), the apex body of bank officers in the country, on Tuesday said state-run lenders are in "real danger of privatization" despite playing a crucial role in closing the economic divide in society. On the occasion of the 55th Bank Nationalisation Day in India on Wednesday, the Guwahati-headquartered body said public sector banks (PSBs) have played an important role in promoting financial inclusion and mobilising savings since the nationalisation of the lenders in 1969. "Public Sector Banks are in real danger of privatisation. It is an ideological conflict that can be overcome by supporting the alternative ideology that prioritises the welfare of a larger human population," AIBOC general secretary Rupam Roy said. Since their nationalisation, these PSBs have been channeling funds to vital sectors such as agriculture, small and medium-sized enterprises (SMEs), education and infrastructure among others, he added. "They have been the pillars of

Govt to invite bids for privatising NMDC after commissioning blast furnace

The government is likely to invite financial bids for privatising NMDC Steel only after the commissioning of the blast furnace at the company's steel plant in Chhattisgarh, according to officials. Officials expect the value of the company to go up once the blast furnace of the steel plant becomes operational. NSL is expected to have a production capacity of 3 million tonnes per annum. The government holds a 60.79 per cent stake in NMDC Steel Ltd (NSL) after it got demerged from NMDC, which is India's largest iron ore producer. The facility is located in Nagarnar, Chhattisgarh. The remaining 39.21 per cent stake is with the public. NSL is up for privatisation with the government looking to sell 50.79 per cent of its shareholding, along with management control. The government had received multiple preliminary bids or expressions of interest for the company. Officials said the government will get to know the fair value of NSL once the blast furnace, which is the heart of a steel plan

With Adani, Agarwal under scrutiny, India's privatisation drive stalled

Of three dozen companies originally identified for sale, officials are now left with a list of just 17 - 10 unlisted and 7 listed - largely because of legal and insolvency issues.

'Auctioning' democracy: Sena (UBT) slams Modi govt's privatisation policy

The Shiv Sena (UBT) on Thursday slammed the privatisation policy of the Narendra Modi government and accused it "auctioning" democracy, freedom of speech, social harmony and the rule of law. If this wasn't enough, the government was also planning to privatise some public sector banks, claimed an editorial in 'Saamana', the mouthpiece of the Uddhav Thackeray-led party. Referring to reports in a section of media about a committee being set up to review privatisation of banks, the Marathi daily said even if the entire issue is still in process, it is "confirmed" that some banks will be privatised. 'It is being said that some government companies and public sector undertakings are suffering losses and have become white elephant for the government. There is some truth in these claims. But, the Modi government hasn't been transparent in its privatisation moves," the Marathi daily claimed. Whatever was earned in the last seven decades was being privatised under the garb of "navsanjivani'

Govt panel may draft list of small public sector banks for privatisation

The panel is likely to have officials from the Department of Investment and Public Asset Management, the Reserve Bank of India, and the NITI Aayog

Govt to invite bids for privatisation of Shipping Corp in May: Report

According to the report, the government now aims to invite financial bids for SCI, which owns and operates around one-third of India's total tonnage, by mid-May

Govt not in 'crazy rush' to sell everything: FM Sitharaman on privatisation

The government is not in a "crazy rush" to sell everything and it will continue to have a presence in four strategic sectors, including telecom, Finance Minister Nirmala Sitharaman said on Saturday. In strategic sectors, a bare minimum presence of the existing public sector commercial enterprises at the holding company level will be retained under government control. The remaining enterprises in a strategic sector will be considered for privatisation or merger with another PSE or for closure. Speaking at the Raisina Dialogue, the minister said that the country will have government-owned professionally run companies in four broad strategic sectors. According to the PSE Policy, the four broad strategic sectors are - atomic energy, space and defence; transport and telecommunication; Power, Petroleum, Coal and other minerals; and Banking, Insurance and Financial Services. The policy, she added, "is not a crazy rushing out to sell everything..nor it is saying that the government will ru

FY24 disinvestment target pragmatic, but challenging: Dipam Secy Pandey

'Privatisation processes are BMMP (bandwidth, market available, minority shareholders, and the process)', said Tuhin Kanta Pandey

National Workers Convention resolves to give a call for strike by year end

The National Convention of Workers on Monday has resolved to give a call for nationwide strike in the end of this year to protest against issues including proposed implementation of labour codes, privatisation and disinvestment. The National Convention of Workers held on the martyrdom day of Rashtrapita Mahatma here in the capital, a statement said. The convention adopted the Declaration unanimously and resolved to resort to nationwide strike action in the end of the year, it stated. It stated that the government which failed on all fronts to deliver on the promises is now allowing the forces of communal hatred and polarization under various pretext to divert the united agitations of workers, farmers and other sections of the society from their pressing issues of livelihood and survival. The leaders of INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, SEWA, AICCTU, LPF, and UTUC among others participated in the convention. Quoting the latest Oxfam report, they explained about the growing ...

FinMin to stick to privatisation of already announced CPSEs next fiscal

The Finance Ministry will move ahead with the already-announced and planned privatisation of state-owned companies in the next fiscal, and the chances of the new addition to that list of CPSEs in the Budget for 2023-24 is unlikely, sources said. The disinvestment target outlined in the Budget for the next fiscal is likely to be a scaled-down and realistic one, as the budgeted PSU sell-off target is going to be missed for the fourth year in a row this fiscal. In the current fiscal, the government had budgeted to collect Rs 65,000 crore from disinvestment. However, so far, it has realised only Rs 31,106 crore by selling minority stakes in public sector companies. After tasting success in privatising loss-making Air India in 2021, the progress of PSU sell-off has not been very impressive over the past year, and experts say that with the general election around the corner in 2024, no major disinvestment announcement is expected in this Budget either. "The plan is to move ahead with the

Foreign banks: Was Rajan's mention of reciprocity the deal breaker?

The marked shift in the foreign-bank narrative in the post-reform period must also be seen in another context - the renewed talk of privatisation of a clutch of state-run banks

Privatisation and debt are on the radar of bankers

Banks were challenged in 2022 by the sluggish growth in deposits, which have not kept pace with credit. One reason is that deposits, unlike debt mutual funds, do not offer any tax breaks

Govt to invite EoIs for Concor privatisation this month, say officials

The government will this month invite Expression of Interest or preliminary bids for privatising Container Corporation of India (Concor), an official said on Wednesday. The official said the bid document for Concor is almost ready and has to get approval from 'Alternative Mechanism' which is essentially a group of key Cabinet ministers. "We are trying hard to issue the Preliminary Information Memorandum inviting Expression of Interest (EoI) for Concor as quickly as possible. It should be issued this month, subject to approval," the official told PTI. The Cabinet, in November 2019, had approved strategic sale of a 30.8 per cent stake, along with management control, in Concor out of the government equity of 54.80 per cent. The government will retain 24 per cent stake post sell-off but without any veto powers. However, the stake sale was hanging fire as investors awaited clarity on the rail land lease policy and licensing fees. The Union Cabinet in September approved a revised policy

Consolidation of PSBs gives a robust base to scale: Bankers at BFSI Summit

Have better underwriting, risk magt to manage high credit growth

Govt to consult regulator before privatising public sector banks

The government on Monday said it will take a view on privatisation of public sector banks (PSBs) after consultation with the concerned department and regulator. Consideration of issues related to disinvestment and decision on selection, terms and conditions, etc. in case of strategic sale is entrusted to the Cabinet committee designated for this purpose under the Government of India (Transaction of Business) Rules, 1961, minister of state for finance Bhagwat Karad said in a written reply to Lok Sabha. "Before such consideration for decision thereon, consultation is undertaken with the ministries and departments concerned and, where necessary, with the regulator concerned," he said. In the Union Budget for the financial year (FY) 2021-22, he said, the government's intent to take up privatisation of two PSBs and approval of a policy of strategic disinvestment of Public Sector Enterprises (PSEs) was announced. The objectives of the policy include enabling growth of public sector ...

Strong interest: DIPAM receives as many as 167 queries about IDBI sale

9-10 serious bidders seek clarity on the expression of interest