Air India and BPCL will go on sale in the first half of the next financial year.
New Delhi: Life Insurance Corporation of India (LIC), India’s largest insurer, is expected to launch its initial public offering (IPO) after October this year. Air India and BPCL will go on sale in the first half of the next financial year. The government has set a target of raising Rs 1.75 lakh crore in the next financial year through a disinvestment program to boost the epidemic-hit economy and finance projects. It also plans to sell Shipping Corp of India (SCI), IDBI Bank Ltd and two other public sector banks this financial year. (Lic Ipo Post October Bpcl And Air India Stake Sale By September)
Tuhin Kanant Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), said the government has made necessary legal amendments to disinvest the shares of Life Insurance Corporation of India (LIC) and IDBI Bank through the Finance Bill.
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To get the economy out of trouble, the Modi government has set a target of record capital gains in the next financial year. The government has received interest from potential buyers for Bharat Petroleum Corporation Limited (BPCL) and Air India. Pandey said the LIC Amendment Act and the IDBI Bank Amendment Act have been included in the Finance Bill 2021. There will be no separate bill for this. LIC’s IPO will come after October. Deepam manages government partnerships in state-owned companies.
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The government will sell these companies
In her budget speech, Finance Minister Nirmala Sitharaman said that the next financial year will see an IPO with strategic disinvestment of BPCL, Air India, Shipping Corporation of India, Container Corporation of India, IDBI Bank, BEML, Pawan Hans, Nilachal Ispat Nigam Limited. The privatization process of Air India, BPCL, Pawan Hans, BEML, Shipping Corp (SCI), Neelachal Ispat Nigam Limited and Ferro Scrap Corporation Limited (FSNL) has been initiated.
Government’s decision to privatize banks to reduce fiscal deficit
To reduce the fiscal deficit, the government has decided to privatize the banks, for which the Modi government will sell two banks, including IDBI Bank. Corona has reduced revenue, and expenses have risen day by day. We will also introduce an incentive package from the central exchequer to enable states to disinvest private sector companies.
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