Page 3 - Privatisation

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

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

IDBI Bank to stay pvt sector bank post-sale; govt's 15% as public holding

IDBI Bank will continue to operate as an 'Indian private sector bank' after its strategic sale and the government's residual 15 per cent stake in the lender post privatisation will be considered as 'public shareholding', the finance ministry said on Sunday. An 'appropriate dispensation' for the new owner to achieve minimum public shareholding (MPS) over an extended period is under consideration and the winning bidder will have no restriction on undertaking corporate restructuring of the subsidiaries of IDBI Bank, it added. These clarifications are part of the responses by the Department of Investment and Public Asset Management (DIPAM), under the finance ministry, to potential investors' pre-EoI queries. The government had on October 7 invited bids for privatising IDBI Bank and said that it together with LIC will sell a total of 60.72 per cent stake in the financial institution. The last date for putting in Expression of Interest (EoI) or preliminary bids is December 16. The ...

Budget 2023-24: Disinvestment target likely to stay elevated for FY24

The sources said that the government expects over Rs 60,000 crore from the IDBI stake sale.

Centre has no intention to privatise Singareni Collieries, says PM Modi

The Prime Minister stated that there is neither a proposal under consideration for the privatisation nor the Centre has any intention to do it

Revisiting disinvestment: Going for a 'bottom-up' approach

The government should give up its dependence on disinvestment as an instrument for containing the fiscal deficit

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

Shriram Group likely to submit EoI for privatisation of IDBI Bank

Entry of Shriram Group as a bidder, could set the stage for at least a two-way contest for IDBI Bank with Prem Watsa's Fairfax Financial also believed to be a contender

BS Number Wise: A strategy for non-strategic state firms as losses mount

The govt needs to act quickly to capitalise on the assets of such enterprises

Govt scraps sale of SAIL's Bhadravathi plant on low bidder interest

During the current financial year (FY23), so far, Rs 24,543.67 crore has been obtained as disinvestment receipts against the target of Rs 65,000 crore

IDBI Bank's privatisation process likely to conclude by Sep 2023: Officials

The financial bids for IDBI Bank privatisation is likely to be invited by March and the conclusion of the sale process is expected in the next financial year, officials said. Last week, the government along with Life Insurance Corporation (LIC) invited preliminary bids for selling 60.72 per cent stake in IDBI Bank. The last date for putting in Expression of Interest (EoI) is December 16. Once the EoIs come in and the interested parties clear RBI's 'Fit and Proper' assessment and gets Ministry of Home Affairs (MHA) security clearance, data room access would be given to qualified bidders. It is only after due diligence, that bidders would put in financial bids. Usually it takes about six months for the process of due diligence to get completed and financial bids to come in. We hope to invite financial bids for IDBI Bank by March, officials added. Considering that this would be the first case of strategic sale in bank, a lot of queries are expected to be raised during the due diligenc

Bidders for IDBI Bank to declare no conviction or adverse regulatory orders

The move comes in the backdrop of the government terminating the sale of Central Electronics Ltd (CEL) to Nandal Finance & Leasing last month

Government identifying PSUs with land bank but little business for selloff

The government is identifying public sector organisations with little to no business activities that are sitting on land banks to privatise or sell off

Telecom may be first strategic sector to be picked up for privatisation

According to the centre's PSE policy announced in 2021, the government aims to maintain 'bare minimum' presence in strategic sectors that include energy, telecom, power, banks, and minerals.

Air India processes refunds worth over Rs 150 crore after privatisation

Handles 250,000 refund cases in just the first few months since Tatas took over, says eligible request lodged on website will typically be processed within 2-3 days

Electricity Bill will pave the path for privatisation: AIPEF chairman Dubey

"The AIPEF is opposing the Electricity (Amendment) Bill, 2022, in the larger interest of the consumer and the power sector itself," said Dubey

TMS Ep263: Fuel price, privatisation, logistics stocks, Henley Passport

Why are fuel prices at pumps not going down? Is the govt going slow on privatisation? Is it a good time to buy logistics stocks? What is the Henley Passport Index? All answers here

Is the govt going slow on privatisation?

Barring Air India, the govt has made little progress on the disinvestment front. But, why? This report offers a peek into the government's disinvestment drive and tells why it is in the slow lane?

CPSEs need ministerial panel's nod to to sell units to govt entities

Providing impetus to privatisation, cabinet recently empowered the boards of the CPSEs to privatise, disinvest or close their subsidiaries and sell stakes in JVs

PSU units' privatisation to require extensive due diligence, clearance

As per the process for privatisation of PSU units, minority sale and stake sale in JVs shared by the DIPAM, boards will recommend mode of transaction to their administrative department

Govt to soon invite bids for IDBI Bank privatisation: DIPAM Secretary

DIPAM Secretary Tuhin Kanta Pandey on Wednesday said the department is working on the Expression of Interest (EoI) and would soon invite preliminary bids from investors for the privatisation of IDBI Bank. The Cabinet Committee on Economic Affairs gave in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank in May 2021. Currently, the government holds 45.48 per cent in the bank, and Life Insurance Corporation of India, which is currently the promoter of the bank, owns a 49.24 per cent stake. "We have been at it for quite some time. It is also a first of its kind transaction where through a bidding route we will be privatising a bank. Both government and LIC put together hold 94 per cent in IDBI Bank," he said while addressing 'FICCI CAPAM 2022 - 19th Annual Capital Markets Conference'. As the bank has come out of the Prompt Corrective Action (PCA) framework, he said its performance has improved which would generate greater interest among ...