Government to sharpen focus on divestment

DIPAM has begun the process to sell the government’s entire 51 per cent stake along with management control in helicopter service operator Pawan Hans.

Published: 14th October 2017 07:46 AM  |   Last Updated: 14th October 2017 07:46 AM   |  A+A-

In a recent decision,ONGC have decided to take over HPCL for about Rs 30,000 crore.

By Express News Service

NEW DELHI: Department of Investment and Public Asset Management (DIPAM, formerly Department of Disinvestment) has begun the process to sell the government’s entire 51 per cent stake along with management control in helicopter service operator Pawan Hans. The remaining stake is held by ONGC.

DIPAM invited bids on Friday for the stake sale from both domestic and foreign companies. The Miniratna PSU is under the administrative control of the civil aviation ministry.

DIPAM has already shortlisted the PSUs for strategic disinvestment. On Thursday, the government had sought expression of interest (EoI) from bidders for four PSUs. The immediate project is to sell the government’s entire stake in Hospital Service Consultancy Corporation, Engineering Projects (India) Ltd and National Projects Construction Corporation to a similarly-placed CPSE. This is in addition to the recent decision to sell Bridge and Roof Co and takeover of HPCL by ONGC for about Rs 30,000 crore.

The government plans to raise Rs 15,000 crore via strategic sale in the current fiscal out of its total disinvestment target of Rs 72,509 crore, which is higher than the Rs 45,500 crore raised in the current financial year as per revised estimate. “We are in the process of shortlisting other public-sector enterprises and hope to meet the disinvestment target. It will get more focus in next few days,” said a senior official in DIPAM.

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