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The government has raised over Rs 4.04 lakh crore through disinvestment and strategic sale of public sector enterprises since the Modi government came into power in 2014, the <keyword id="47209" type="General" weightage="80" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> said on Tuesday. Of this, the largest amount totalling over ₹1.07 lakh crore through offer for sale in 59 cases. This was followed by a stake sale through <keyword id="181067" type="General" weightage="80" keywordseo="exchange-traded-fund" source="Orion">Exchange Traded Fund</keyword> (ETF) in 10 tranches, aggregating to ₹98,949 crore. Strategic sales in 10 companies, including <keyword id="2573" type="General" weightage="80" keywordseo="air-india" source="Orion">Air India</keyword>, yielded Rs 69,412 crore to the exchequer in the last 8 years. Share buyback in 45 cases fetched ₹45,104 crore. 17 CPSEs were listed since 2014-15, which yielded Rs 50,386 crore. Of this, the initial pub<keyword id="6367143" type="General" weightage="80" keywordseo="lic" source="Orion">lic</keyword> offering (IPO) of LIC alone fetched the government Rs 20,516 crore. The additional market capitalisation of ₹7.31 lakh crore was achieved through new listings, the ministry said. Besides, the government has sold its residual stake in <keyword id="411504" type="General" weightage="80" keywordseo="paradeep-phosphate-ltd" source="Orion">Paradeep Phosphate Ltd</keyword>, IPCL, and Tata Communication for ₹472 crore, ₹219 crore and ₹8,847 crore, respectively. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/fintech-player-zaggle-files-ipo-papers-with-sebi-to-mobilise-funds-via-ipo/articleshow/96367455.cms">Fintech player Zaggle files IPO papers with Sebi to mobilise funds via IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbi-to-pause-rate-hikes-in-2023-peak-rate-at-6-25-to-6-5-percent-says-kotak-institutional-equities/articleshow/96371881.cms">RBI to pause rate hikes for most of 2023, hold peak policy rate at 6.25-6.5%: Kotak Institutional Equities</a>

Govt raises over ₹4 lakh crores via disinvestment since 2014

The government has merged the Department of <keyword id="108214" type="CITY" weightage="20" keywordseo="Public-Enterprises">Public Enterprises</keyword> (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the <keyword id="44532" type="PERSON" weightage="20" keywordseo="Disinvestment">disinvestment</keyword> ministry - created under the Atal Bihari Vajpayee government - was merged with the Finance Ministry and is now a department under it. Also, <keyword id="62529" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Investment-Promotion-Board">Foreign Investment Promotion Board</keyword> (FIPB) was abolished and administration of foreign investments was given to the Finance Ministry (FinMin). The shift of DPE to the finance ministry will help in efficient monitoring of the capital expenditure, asset monetisation and financial health of the Central Public Sector Enterprises (CPSEs). "<keyword id="156153" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-Finance">Ministry of Finance</keyword> (<keyword id="11588398" type="UNKNOWN" weightage="20" keywordseo="vitta-mantralaya">Vitta Mantralaya</keyword>), after the sub-heading (v) Department of <keyword id="6354241" type="UNKNOWN" weightage="20" keywordseo="Financial-services">Financial Services</keyword> (Vittiya Sewayen Vibhag), following sub-heading shall be inserted, namely:- (vi) Department of Public Enterprises (Lok Udyam Vibhag)" as per the Cabinet Secretariat notification dated July 6, 2021. The rejig comes ahead of Cabinet expansion slated later in the day. The gazette notification issued said these rules may be called the government of India (Allocation of Business) Three Hundred and Sixty First Amendment Rules, 2021. "They shall come into force at once," the notification said. Presently, the finance ministry has five departments -- Economic Affairs, Revenue, Expenditure, Investment and Public Asset Management and Financial Services. With the addition, this will be the sixth department under the finance ministry. Giving details of the functions performed by the DPE, the notification said coordination of matters of general policy affecting all Public Sector Enterprises (PSEs), evaluation and monitoring the performance of PSEs, including the memorandum of understanding mechanism, review of capital projects and expenditure in CPSEs. Besides, the DPE frames measures aimed at improving performance of CPSEs and other capacity building initiatives of PSEs, rendering advice relating to revival, restructuring or closure of PSEs including the mechanisms, counselling, training and rehabilitation of employees in CPSEs under Voluntary Retirement Scheme and categorisation of CPSEs including conferring 'Ratna' status, among others. The heavy industries ministry will continue to be the administrative ministry related primarily to the capital goods sector. As many as 44 CPSEs including Maruti Udyog Limited, BHEL, Cement Corporation, <keyword id="173465" type="CITY" weightage="20" keywordseo="Scooters-India">Scooters India</keyword>, HMT and various other subsidiaries would be under the Ministry of Heavy Industries. Many companies under the ministry are sick and up for sale under the disinvestment programme of the government. Finance minister Nirmala Sitharaman in her Budget 2021-22 already announced that a revised mechanism for fast-tracking closure of loss making PSUs would be worked out and an incentive package would be developed to incentivise states to sell stake in state PSUs. To monetise lands owned by CPSEs, a special purpose vehicle (SPV) would be developed. She also announced a big-ticket privatisation agenda, including privatisation of two public sector banks and one general insurance company to garner Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions during 2021-22. As part of the divestment strategy for the financial sector, the government has decided to go for a mega initial public offering (IPO) of Life Insurance Corporation of India (LIC) and residual stake sale in IDBI Bank during the financial year beginning April. Besides, strategic sale of Bharat Petroleum Corporation Ltd (BPCL), <keyword id="11588399" type="UNKNOWN" weightage="20" keywordseo="shipping-corp-container-corporation">Shipping Corp, Container Corporation</keyword>, <keyword id="2459265" type="PERSON" weightage="20" keywordseo="Neelachal-Ispat-Nigam-Ltd">Neelachal Ispat Nigam Ltd</keyword>, <keyword id="132488" type="COMPANY" weightage="20" keywordseo="Pawan-Hans">Pawan Hans</keyword>, Air India among others, would be completed in 2021-22. In September 2020, the government had apprised that out of the 34 PSUs approved for disinvestment so far, transactions were completed for eight. Transactions for four PSUs were halted as they are recommended for closure. Two of them were held up due to litigation, while transactions for 20 PSUs are in the process. SEE ALSO- <a href="https://www.businessinsider.in/stock-market/news/clean-science-and-technology-ipo-maximum-broking-house-recommending-this-ipo/articleshow/84193873.cms" data-type="tilCustomLink">Clean Science and Technology, an Indian supplier to Bayer, has opened its IPO ⁠— and ‘subscribe’ is the unanimous call from analysts</a> <a href="https://www.businessinsider.in/stock-market/news/gr-infraprojects-ipo-good-ipo-bet-for-long-term-as-per-analysts/articleshow/84193656.cms" data-type="tilCustomLink">GR Infraprojects IPO is for long term investors, say analysts</a>

Government merges the Department of Public Enterprises with the Finance Ministry to bring better control over state-owned firms

New Delhi, The Centre has expanded its <keyword id="10476381" type="UNKNOWN" weightage="20" keywordseo="strategic-disinvestment-plan">strategic disinvestment plan</keyword> for <keyword id="10476379" type="UNKNOWN" weightage="20" keywordseo="current-fiscal-initiating">current fiscal initiating</keyword> the sell-off plan for <keyword id="782091" type="DOMAIN" weightage="20" keywordseo="Shipping-Corporation-Of-India-Ltd">Shipping Corporation of India Ltd</keyword> (SCI) by inviting expression of interest from potential interested parties. The <keyword id="26362" type="ORGANIZATION" weightage="20" keywordseo="Government">government</keyword> proposes to sell its entire shareholding of 63.75% in the listed entity to a buyer that will takeover the company with full management control. The proposed initiation of strategic sale plan for SCI is the second big initiative by the Centre after two of its entities - Air India and BPCL have reached advanced stages of bidding to sell the entire government equity. For the strategic disinvestment of Shipping Corporation of India (SCIL) EoI and PIM (preliminary information memorandum) have been published, DIPAM Secretary Tuhin Kanta Pandey said in a tweet. Interested players have to submit initial bids by February 13, 2021, said a preliminary information memorandum document. <keyword id="10476380" type="COMPANY" weightage="20" keywordseo="rbsa-capital-advisors">RBSA Capital Advisors</keyword> is the transaction advisor to the disinvestment. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-spicejet-interglobe-aviation-tata-motors-pfizer-asian-paints-niit-lupin-and-others/articleshow/79849749.cms">Top stocks to watch – SpiceJet, InterGlobe Aviation, Tata Motors, Pfizer, Asian Paints, NIIT, Lupin, and others</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms?upcache=2">Mrs Bectors Food Specialities IPO allotment today: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/business/startups/news/google-microsoft-invest-in-dailyhunt-for-its-short-video-platform-josh-making-it-the-latest-unicorn-in-india/articleshow/79850804.cms">Google, Microsoft invest in DailyHunt for its short video platform Josh – making it the latest unicorn in India</a>

Government invites bids for selling its stake in Shipping Corporation of India

<ul><li><keyword id="2573" type="CITY" weightage="20" keywordseo="Air-India">Air India</keyword>'s northern regional office has formed a committee to identify the "redundant" or "surplus" employees who would be asked to go on a compulsory leave without pay (LWP) for up to five years. </li><li>Air India issued an internal order on July 14, asking its departmental heads and regional directors to identify the employees, based on various factors such as efficiency, health and redundancy, who will be sent on a compulsory LWP for up to five years. </li><li>Moreover, the national carrier had said the employees can voluntarily opt for the LWP scheme too. </li></ul>Air India's northern regional office has formed a committee to identify the "redundant" or "surplus" employees who would be asked to go on a compulsory leave without pay (LWP) for up to five years. An official order in this regard was issued on Tuesday. Air India issued an internal order on July 14, asking its departmental heads and regional directors to identify the employees, based on various factors such as efficiency, health and redundancy, who will be sent on a compulsory LWP for up to five years. Moreover, the national carrier had said the employees can voluntarily opt for the LWP scheme too. P S Negi, Regional Director (RD), Northern Region, Air India, issued an order on July 21, stating that following the July 14 order, an empowered committee is being constituted for the identification of "redundant/surplus manpower resources". Negi's order, which has been accessed by , said the general manager (personnel), general manager (finance) and departmental heads will be the members of the empowered committee. It also said a representative of the RD can be co-opted in the committee, if required, on the basis of "case merit". "GM (Personnel) will share the staff list with all departments and convene the discussions/deliberations, including the process of identification of surplus/redundant resources. The report is to be submitted to the RD office by 11th August, 2020, for a review and onward recommendation to the headquarters," the order said. The aviation sector has been significantly impacted due to the travel restrictions imposed in India and other countries in view of the COVID-19 pandemic. All airlines in the country have gone for cost-cutting measures such as pay cuts, LWP and firing of employees in order to conserve cash flow. Air India has four regional offices -- one each for the northern, western, eastern and southern regions. It is not clear if the other three offices, barring the one for the northern region, has formed such panels to identify redundant employees. In its July 14 order, Air India had asked its regional directors to constitute a committee each comprising the general manager (personnel), general manager (finance) and departmental heads concerned to "streamline the process of identification of redundant manpower, who would be told to proceed on compulsory LWP". The airline had said these panels would go through the records, based on factors such as suitability, efficiency, competence and health, and select the employees whose names will be forwarded, along with the RD's recommendations, to get the approval of the chairman and managing director for sending them on a compulsory LWP. Air India has a debt of around Rs 70,000 crore and the government had started the process to sell it to a private entity in January. The national carrier's net loss in 2018-19 was pegged at around Rs 8,500 crore. Equity infusion of Rs 500-600 crore every year is not sustainable and cost-cutting is necessary in Air India, Civil Aviation Minister Hardeep Singh Puri had said on July 16, justifying the national carrier's decision to send certain employees on LWP for up to five years. On July 17, Air India had said its financial situation is very challenging due to the coronavirus pandemic and the LWP scheme for its employees is a "win-win" situation for them as well as the management. The employees' unions of the airline have opposed the scheme. SEE ALSO: <a href="https://www.businessinsider.in/entertainment/news/dil-bechara-kissing-booth-2-and-other-movies-you-can-watch-on-netflix-amazon-prime-disneyhotstar-this-week/slidelist/77142498.cms">Dil Bechara, Kissing Booth 2 and other movies you can watch on Netflix, Amazon Prime, Disney+Hotstar this week</a> <a href="https://www.businessinsider.in/business/startups/news/work-from-home-effect-these-companies-are-shelling-out-for-employees-power-bills-internet-cost-and-more/articleshow/77139229.cms">WFH effect – These companies are paying for employees' power bills, internet cost and more</a> <a href="https://www.businessinsider.in/business/corporates/news/after-google-pwc-india-declares-a-company-wide-holiday-for-its-employees-this-friday-offers-time-off-for-a-well-deserved-break/articleshow/77125627.cms">After Google, PwC India declares a company-wide holiday for its employees this Friday – offers time off for a 'well-deserved' break</a>

Air India regional office forms panel to identify employees who would go on leave without pay for upto five years

New Delhi, Mar 6 () The disinvestment process for Air India is going on "extremely well", Civil Aviation Minister Hardeep Singh Puri said on Friday.On January 27, the government came out with a Preliminary Information Memorandum (PIM) for Air India disinvestment. It has proposed selling 100 per cent stake in Air India along with budget airline Air India Express and the national carrier's 50 per cent stake in AISATS, an equal joint venture with Singapore Airlines.This is the second attempt by the government in as many years to divest Air India, which has been in the red for long.On Thursday, international airlines' grouping IATA said Air India's disinvestment process might be "quite difficult at this moment" amid the coronavirus outbreak which will hit the global market for Indian carriers as well as inbound tourist traffic into the country. RAM http://ptinews.com/images/pti.jpg"We bring the World to you"Disclaimer : This e-mail message may contain proprietary, confidential or legally privileged information for the sole use of the person or entity to whom this message was originally addressed. Please delete this e-mail, if it is not meant for you. http://ptinews.com/images/pti.jpg"We bring the World to you"Disclaimer : This e-mail message may contain proprietary, confidential or legally privileged information for the sole use of the person or entity to whom this message was originally addressed. Please delete this e-mail, if it is not meant for you. ANU

Air India disinvestment process going on extremely well: Puri

New Delhi, Mar 2 () Vistara chairman Bhaskar Bhat said they were evaluating Air India as the Centre has started the national carrier's disinvestment process. "We are evaluating Air India. Which company would not be interested in evaluating a sovereign airline of the country?" Bhat asked. "Whether we bid or not comes later." On being asked if Vistara or Tata Sons were evaluating Air India, Bhat replied: "We (Vistara) are a joint venture." DSP ASGHMB

We are evaluating Air India: Vistara chairman on national carrier's disinvestment

New Delhi, Jan 28 () Global airlines' grouping IATA on Tuesday expressed hope that the disinvestment process will result in a strong and rejuvenated Air India, which is able to support growth of India's aviation market.
The International Air Transport Association (IATA) has around 290 airlines as members, including Air India.
Making a second attempt in as many years for strategic disinvestment of Air India, the government on Monday issued the preliminary bid document for 100 per cent stake in the debt-laden airline.
"We hope the disinvestment process will deliver a strong and rejuvenated Air India that is able to support the anticipated growth potential of India's aviation market," IATA Assistant Director (Corporate Communications - Asia Pacific) Albert Tjoeng told in an e-mailed statement.
At the same time, it is important to ensure that the operating and regulatory environment in the country allows Air India and all Indian carriers to operate effectively, he said.
In 2019, domestic air passenger traffic in India stood at 14.41 crore, an increase of nearly four per cent compared to the previous year, as per the latest official data.
As part of the latest disinvestment plan, Air India would also sell its 100 per cent stake in budget carrier Air India Express as well as 50 per cent shareholding in equal joint venture Air India SATS Airport Services (AISATS).
All the three entities would be sold together and management control of the national carrier would be transferred to the new investor.
Air India is in the red for long and the disinvestment is aimed at reviving the fortunes of the full service carrier. RAM BAL
BAL

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Govt raises over ₹4 lakh crores via disinvestment since 2014

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Government merges the Department of Public Enterprises with the Finance Ministry to bring better control over state-owned firms

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Government invites bids for selling its stake in Shipping Corporation of India

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Air India regional office forms panel to identify employees who would go on leave without pay for upto five years

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Air India disinvestment process going on extremely well: Puri

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We are evaluating Air India: Vistara chairman on national carrier's disinvestment

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Hope disinvestment will deliver a strong, rejuvenated Air India: IATA

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