“We are working on a number of transactions and we look forward to completing them by the end of the year,” said Tuhin Kanta Pandey, secretary in the Department of Investment, Public Asset Management.pump), told TOI after announcing the sale of government-run Central Electronics (CEL).
While oil marketing company BPCL is a major player in the sell-off list, its privatization along with the sale of IDBI Bank and a general insurer is expected to spread over the next financial year. The government has also announced the privatization of two nationalized banks, likely to be Indian Overseas Bank and Central Bank of India, for which it needs to move legislative amendments.
After a slow start to the privatization programme, the Modi government announced the sale of loss-making Air India earlier this year and followed it up with CEL this week.
Unlike AI, which was plagued by massive debt and accumulated losses, Pandey said there are no major liabilities with CEL. “It has huge potential. A private owner will help the company grow and enable it to participate more actively in the ‘Make in India’ initiative, especially since electronics is a major part of the Atmanirbhar Bharat programme,” he said. . Pandey said that despite several regulatory issues, the government and Tata Group The AI is targeted to complete the sale by the end of the month, although the long stop date is by the end of January.
Approval from the Competition Commission of India and other agencies is awaited, while AI needs to do some filings in other countries as well. Besides, the government has to complete some loan related formalities and banks also need to sort out some, DIPAM is in the process of privatization of 17 public sector companies, the government had informed. Parliament earlier this week. in five cases Scooters India And the units of Cement Corporation, the process has been stopped as they are going to be closed now. The issue of loans given to AI, Pandey said.
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