Page 8 - Privatisation

Privatisation: Changing tracks aided Air India, derailed BPCL sale

Changing tracks helps. But, not taking the beaten path isn't always helpful. This is the story of two of India's biggest privatisations - Air India and Bharat Petroleum (BPCL). Nearly two decades after the last privatisation, a landmark divestment concluded this year when the loss-making national carrier Air India was sold to the Tatas. This was made possible only after the government changed the track from selling 76 per cent of its stake in the national carrier to putting on block its entire 100 per cent holding as well as giving bidders an option of deciding how much debt they were willing to take over. But in the case of BPCL, the government ignored suggestions of following its time-tested policy of putting on block 26 per cent stake along with management control, just like it had done in the case of Hindustan Zinc and Balco. Instead, it offered its entire 52.98 per cent in the company operating in a sunset sector. The result - just three bids came in, and two of them struggled

Pawan Hans privatisation: Process now moves to concluding stage, says govt

The government has received an undisclosed number of financial bids for sale of its stake in ailing helicopter operator Pawan Hans, moving the divestment process to the last stage. "The financial bids for Pawan Hans disinvestment have been received by the transaction advisor. The process now moves to a concluding stage, DIPAM Secretary Tuhin Kanta Pandey tweeted. He, however, did not disclose the number of bidders. The government is selling its entire 51 per cent stake in Pawan Hans. State-owned Oil and Natural Gas Corporation (ONGC), which holds the remaining 49 per cent, has also offered its entire shareholding in the company for sale along with the government stake. Set up in 1985, Pawan Hans has a fleet of over 40 helicopters and over 900 employees, less than half of them on permanent roles. It provides helicopter services for the exploration activities of ONGC and to India's northeast. For 2019-20, the company reported a net loss of Rs 28 crore, lower than Rs 69 crore in the

India is mulling changes in law to cut govt's stake in banks: Report

The proposals -- if approved -- would allow the government to gradually lower its holding in state-run lenders to 26% from 51% without diluting its grip on management appointments, say sources

Pawan Hans privatisation: Govt gets financial bids in fourth attempt

Till July 2020, the company had 686 employees - 363 regular and 323 contractual

PSU bank employees go on two-day strike; services hit at many places

Employees of public sector banks went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country

Top headlines: Govt says farm reforms will continue, fraud apps gain users

The Centre's push to phase out kerosene is a work in progress, a decade after the move towards rationalising the allocation of the fuel to states. Read more in today's top headlines

Privatisation of public sector units to drive divestment receipts: MoS

Finance ministry says scope for minority stake sale has declined

Cabinet committee on privatisation yet to take decision on two banks: FM

Finance Minister Nirmala Sitharaman on Monday said the cabinet committee on privatisation is yet to take a decision with regard to divesting two public sector banks.

Is India getting its act together on privatisation?

The govt's privatisation policy aims to keep minimum presence in specified strategic sectors and privatise the rest. Let us find out how the Centre is moving ahead with its mega privatisation plan

TMS Ep58: Privatisation, Google smartwatch, RBI rates, encryption

Is India getting its act together on privatisation? Will Google's smartwatch set the pulse racing? Will RBI maintain the status quo on rates? How does encryption protect data? Find all answers here

Centre set to rejig privatisation process for non-strategic sectors

Companies in non-strategic sectors would be considered for privatisation, wherever feasible, or else they would be closed

Bank officers' union launches nationwide movement against privatisation

In the last concluded session, Parliament passed a bill to allow privatisation of state-run general insurance companies

Centre to relax lock-in period for sale of NINL assets to one year

The condition for the sale would be subject to the sale proceeds being utilised for the company within three years

Govt sells Central Electronics to Nandal Finance and Leasing for Rs 210 cr

This is the second strategic stake sale by the government after Air India

Centre may continue to hold at least 26% stake in public sector banks

To protect decision making of bank executives, a new provision will also be included in the law to protect them for action taken in good faith

Indian Overseas Bank, Central Bank of India clarify on privatisation buzz

The clarification comes a day after Centre's legislative agenda for Winter Session hinted at tabling of Banking Laws (Amendment) Bill 2021 bill for privatisation of two public sector banks

Privatisation, growth should remain Budget focus, says EAC-PM

It also said the clear road map of privatisation and growth orientation of FY22 Budget should be maintained in FY23 as well

Latest news LIVE: Pfizer signs $5.3-bn Covid pill deal with US govt

The purchase is contingent on US clearance of the Covid oral antiviral, which Pfizer has applied for, according to a statement from the company Thursday

Govt to invite financial bids for privatisation of 5-6 PSUs by Dec-Jan

BPCL case is in due diligence stage with three bidders said to be keen in acquiring the OMC; BEML, Shipping Corp and Pawan Hans among others on the block

Top headlines: 5-6 PSUs to get privatised in FY22; Akasa inks engine deal

Business Standard brings you the top headlines on Wednesday