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With the brand new proprietor shelling out Rs 18,000 crore for the buyout of ‘Maharaja‘ this may be the very best ever quantity garnered by privatisation and even the cumulative sum garnered by strategic sale in 1999-00 to 2003-04.
The federal government had garnered roughly over Rs 5,000 crore throughout that five-year interval by privatising 10 CPSEs. Moreover, three resort properties of Lodge Company of India and 18 of ITDC had been additionally bought off by means of droop sale.
Here’s a timeline of strategic sale of central public sector enterprises (CPSEs) to personal entities between 1999-00 to 2003-04.
1999-00 – Fashionable Meals Industries Ltd — Rs 105 cr
2000-01 – BALCO , Lagan Jute Equipment Co Ltd — Rs 554 cr
2001-02 — VSNL, Laptop Upkeep Company (CMC), Hindustan Teleprinters Ltd (HTL), Paradeep Phosphate Ltd (PPL), some resort properties of HCI and ITDC — Rs 2,089 crore
2002-03– Hindustan Zinc Ltd (HZL), Indian Petrochemicals Company (IPCL), some ITDC resort properties — Rs 2,335 cr
2003-04 — HZL, Jessop & Co — Rs 342 cr
The federal government has additionally bought its majority stake in sure CPSEs to public sector firms working in the same sector.
These embrace sale of 74 per cent authorities stake in Indo Burma Petroleum Co (IBP) to Indian Oil Corp (IOC) in 2001-02 for Rs 1,153 crore and Oil and Pure Fuel Corp (ONGC) shopping for out authorities stake in Hindustan Petroleum Corp Ltd (HPCL) for Rs 36,915 crore in 2018.
Moreover, authorities’s 52.63 per cent stake in REC was bought to Energy Finance Corp for Rs 14,500 crore in 2018-19.
Between 2000-01 and 2019-20, the federal government has bought its whole stake in 9 CPSEs to different equally positioned public sector enterprises garnering cumulative Rs 53,450 crore.
The privatisation course of witnessed stagnation submit 2004 as the main target shifted to promoting minority stake in CPSEs by comply with on public supply (FPO) and supply on the market (OFS) and likewise inventory trade itemizing of worthwhile CPSEs.
Within the 2021-22 Funds, the Authorities introduced the PSE (public sector enterprises) privatisation coverage as per which all PSUs will probably be privatised, barring 4 strategic sectors of Atomic power, Area and Defence; Transport and Telecommunications; Energy, Petroleum, Coal and different minerals; and Banking, Insurance coverage and monetary companies. In these strategic sectors, the federal government will retain solely a naked minimal variety of PSUs.
In her Funds speech, Finance Minister Nirmala Sitharaman mentioned strategic disinvestment of BPCL, Air India, Delivery Company of India, Container Company of India, IDBI Financial institution, BEML, Pawan Hans, Neelachal Ispat Nigam Ltd, amongst others, and IPO of LIC can be accomplished in 2021-22.
Moreover, two public sector banks and one basic insurance coverage firm too can be privatised as per the privatisation agenda.
The Funds for 2021-22 has set a disinvestment goal of Rs 1.75 lakh crore, greater than Rs 32,000 crore estimated to be garnered within the final fiscal. Of the Rs 1.75 lakh crore, Rs 1 lakh crore is to return from promoting authorities stake in public sector banks and monetary establishments. Rs 75,000 crore would come as CPSE disinvestment receipts.
To this point, Rs 9,110 crore has been raised by sale of minority stake in Axis Financial institution, NMDC Ltd, Housing and City Growth Corp (HUDCO) and Hindustan Copper.
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