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<ul><li>The central government is all set to raise a crucial sum of ₹140 billion by offloading a 9% stake in the state-owned <keyword id="45383" type="COMPANY" weightage="20" keywordseo="Coal-India">Coal India</keyword> this week. </li><li>The sale will not only help the government as it tries to meet its <keyword id="44532" type="PERSON" weightage="20" keywordseo="Disinvestment">disinvestment</keyword> target, but also help it comply with a law that states that all publicly-listed state-owned firms should have a public shareholding of at least 25%. </li><li>The Department of Investment and Public Asset Management (DIPAM), the ministry in charge of overseeing the government’s disinvestment programme, has only raised a meagre ₹100 billion so far this year, compared to a target of ₹800 billion. </li></ul>Faced with strained finances, the central government is all set to raise a crucial sum of ₹140 billion by offloading a 9% stake in the state-owned Coal India, the country’s largest coal producer and miner, this week, according to <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/CF408D5A_04D0_443B_94A4_66300B7017B1_172415.pdf">a stock exchange filing</a>. Of this, 3% will be sold to the institutional investors while an additional 6% will be offloaded directly to retail investors if the offer is oversubscribed. The sale will not only help the government as it tries to meet its disinvestment target for the year, but also help it comply with an important Indian law, which states that all publicly-listed state-owned firms should have a public shareholding of at least 25%. Once the listing of a 9% stake is completed, the Centre will retain a 69% stake in the coal producer. The government needed to increase the public’s shareholding in Coal India to 25% by August 2017- a deadline which was reportedly <a href="https://economictimes.indiatimes.com/markets/stocks/news/centre-to-offload-9-in-coal-india/articleshow/66440076.cms">extended</a> as it deliberated over the sale and waited for a optimal share price. In early 2015, the government listed a 10% stake in the company, earning ₹230 billion in the process. Disinvestment woes Despite the share sale, the government could fall short of its disinvestment target of ₹800 billion for 2018-19, which is significantly less than the ₹1 trillion it raised last year. It has a number of further offerings lined up in this year but could suspend them owing to weak market conditions. The Department of Investment and Public Asset Management (DIPAM), the ministry in charge of overseeing the disinvestment programme, has only raised a meagre <a href="https://dipam.gov.in/">₹100 billion </a>so far this year. Indian markets have been battered this year amid an exodus of foreign capital outflows, a depreciating currency, rising fuel prices and global trade tensions. The sale of a 9% stake in Coal India marks the government’s first offer-for-sale in the current fiscal year. As the year winds to a close, it is expected to accelerate its disinvestment programme by <a href="https://economictimes.indiatimes.com/news/economy/policy/govt-may-step-up-disinvestment-drive-with-power-psus-mergers/articleshow/66438530.cms">merging</a> a number of public-sector companies in the power sector. Potential deals include a takeover of SJVN, a hydropower producer, by NTPC, India’s largest power generator. However, experts have cautioned against the move, saying that by forcing large state-owned companies to take over smaller ones, the government could be putting the profitability of large public-sector firms at risk.

India’s government is selling a minority stake in the nation’s largest coal producer as it tries to meet its disinvestment targets for the year

New Delhi, Mar 31 () The government has missed the collection target for the current financial year from CPSE disinvestment set in the Revised Estimates of Budget by about Rs 14,700 crore. In the current financial year 2019-20, the actual disinvestment mop-up has come in at Rs 50,298.64 crore. In the Revised Estimates (RE), the government had estimated the disinvestment proceeds at Rs 65,000 crore, thus a shortfall of around Rs 14,700 crore. In the Budget 2019-20, disinvestment revenue was pegged at Rs 1.05 lakh crore. However, in the RE, the projection was lowered substantially to Rs 65,000 crore. In the current financial year, the government has raised Rs 11,500 crore by way of strategic disinvestment of THDC and NEEPCO to state-owned power utility NTPC. Also, Kamarajar Port was sold for Rs 2,383 crore to Chennai Port Trust. While two follow-on offers of CPSE ETF fetched Rs 26,500 crore, Bharat-22 ETF garnered Rs 4,368 crore. Two initial public offerings (IPOs) -- RVNL and IRCTC -- helped garner Rs 1,113 crore, while RITES offer-for-sale (OFS) fetched Rs 1,130 crore. Buyback of shares by MOIL, MDL and SPMCIL fetched Rs 821 crore to the exchequer, while Rs 600 crore came in by way of remittances from SUUTI. Further, Rs 1,881 crore was procured by way of selling enemy shares. In the financial year 2015-16, the government had realised Rs 23,996.80 crore from CPSE disinvestment, lower than the Budget target of Rs 69,500 crore and RE of Rs 25,312 crore. In the financial year 2016-17, the government had missed the budgeted disinvestment target. While the Budget had pegged target at Rs 56,500 crore, the government was able to mop up Rs 46,247 crore. This was, however, higher than the target set in RE at Rs 45,500 crore. In 2017-18, it bettered the target of Rs 1 lakh crore and raised a record Rs 1,00,056 crore. In 2018-19, the disinvestment mop-up stood at Rs 84,972 crore as against the Budget target of Rs 80,000 crore. In 2019-20, after a gap of 2 years, the government has missed the disinvestment target set in Budget. For 2020-21 fiscal beginning April 1, 2020, the Budget pegged the disinvestment proceeds at Rs 2.10 lakh crore. This includes Rs 1.20 lakh crore from CPSE share sale and Rs 90,000 crore from share sale in public sector banks and financial institutions, including listing of insurance behemoth LIC. JD HRS

FY20 disinvestment mop-up at Rs 50,298 cr, govt misses RE target

New Delhi, Feb 1 () The government on Saturday pegged disinvestment target for 2020-21 at Rs 1.20 lakh crore, nearly double of Rs 65,000 crore it expects to raise in the current financial year.
 The government has missed the budgeted disinvestment target of Rs 1.05 lakh crore set for the current financial year by a huge margin.
 In the current financial year so far, the government has mopped up about Rs 18,000 crore by way of disinvestment. The Revised Estimate pegs disinvestment proceeds at Rs 65,000 crore for this fiscal ending March 2020.
 For the next financial year, beginning April 1, the government expects a substantial Rs 90,000 crore revenue from disinvestment of government stake in public sector banks and financial institutions. This would help the government achieve the Rs 1.20 lakh crore total disinvestment proceeds for 2020-21.
 Finance Minister Nirmala Sitharaman in her 2020-21 Budget announced selling of part government stake in insurance behemoth Life Insurance Corporation (LIC), beside selling the balance holding of the government in IDBI Bank to private, retail and institutional investors.
 "In the last few years, the government has taken concrete steps to bring our banking system to be robust. However, there is a need for greater private capital. Accordingly, it is proposed to sell the balance holding of Government of India in IDBI Bank to private, retail and institutional investors through the stock exchange," she said in her Budget Speech.
 The government currently holds 47.11 per cent, while LIC is the majority shareholder holding 51 per cent stake in IDBI Bank.
 In August last year, the Cabinet approved selling the government's controlling stake in IDBI Bank to LIC, which is currently 100 per cent government-owned.
 Sitharaman in her Budget Speech also proposed listing of LIC on the stock exchanges through an initial public offer.
 "Listing of companies on stock exchanges discipline a company and provides access to financial markets and unlocks its value. It also gives opportunity for retail investors to participate in the wealth so created. The government now proposes to sell a part of its holding in LIC by way of initial public offer (IPO)," she said.
 In the financial year 2016-17, the government had missed the budgeted disinvestment target. While the Budget had pegged target at Rs 56,500 crore, the government was able to mop up Rs 46,247 crore.
 In 2019-20, after a gap of 2 years, the government has missed the disinvestment target set in Budget.
 In 2017-18, it bettered the target of Rs 1 lakh crore and raised a record Rs 1,00,056 crore. In 2018-19, the disinvestment mop-up stood at Rs 84,972 crore as against the Budget target of Rs 80,000 crore. JD HRS

Govt pegs Rs 1.20 lakh cr disinvestment mop-up in 2020-21, Rs 65,000 cr in current fiscal

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

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

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

New Delhi, Jan 10 () NMDC Chairman and Managing Director N Brijendra Kumar on Friday said that the Union Cabinet has approved disinvestment of stake of six public sector units (PSUs) in Neelachal Ispat Nigam Ltd, and not that of NMDC. 
 Neelachal Ispat Nigam Ltd (NINL) is a joint venture company, in which four central PSUs -- MMTC, National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (BHEL) and MECON -- and two Odisha government companies, IPICOL and Odisha Mining Corporation (OMC), are shareholders.
 The government on Wednesday gave in-principle approval for strategic sale of NINL by allowing six PSU shareholders to sell their stake in the steel company.
 "Still confusion is being created by some ppl regarding disinvestment in #NINL,a joint venture company of central and state PSUs in the State of Odhisha.The present decision is not for the disinvestment of @nmdclimited . I repeat No Disinvestment of #NMDC by the present decision," Kumar said in a tweet.
 Some people for their vested interest are spreading rumours on social media and in general public that NMDC is being disinvested which has created an atmosphere of confusion. NMDC is just a stakeholder in NINL, he told .
 Kumar said people must read the government's decision with regard to NINL and understand that the decision is not related to divestment of NMDC.
 MMTC holds 49.78 per cent share in NINL, followed by OMC (20.47 per cent), IPICOL (12 per cent), NMDC (10.10 per cent). MECON and BHEL hold 0.68 per cent stake each in the company. 
 The strategic buyer for NINL will be identified through a two-stage auction procedure, an official statement had said. ABI RVK

'Cabinet approved disinvestment of stake in NINL, not NMDC'

New Delhi, Jul 3 () The government will focus on strategic stake sales to meet the Rs 1.20 lakh crore CPSE disinvestment target in the current fiscal, DIPAM Secretary Tuhin Kanta Pandey said on Friday. The government has already invited bids for strategic sale of national carrier Air India and oil major BPCL. However, their bid deadlines have been extended amid the COVID-19 pandemic. For BPCL, in which the government is selling 52.98 per cent stake, the deadline has been extended till July 31. For 100 per cent stake sale in Air India, the deadline for bid submission is now August 31. Speaking at a webinar on Bharat Bond ETF, Pandey said the Department of Investment and Public Asset Management (DIPAM) has minority stake sales of CPSEs on its table but the emphasis is on strategic disinvestment. "Many of our strategic transactions are going on and moving forward. There was little bit of disruption due to COVID and extensions given in terms of EoI (Expression of Interest) but the government has clarified that we are very much on the same track of aggressively pursuing strategic disinvestment. More focus on that. "Of course, there will be OFS (offer for sale), buybacks...(but) it will be more focused on strategic disinvestment," he said. For the 2020-21 fiscal, the government has set a disinvestment target of Rs 2.10 lakh crore. Of this, Rs 1.20 lakh crore will come from disinvestment of public sector undertakings and another Rs 90,000 crore from stake sales in financial institutions, including life insurance behemoth LIC. The strategic sales being pursued right now include Air India, BEML, Scooters India, Bharat Pumps Compressors, and some units of steel major SAIL, among others. The government had in May announced that a maximum of four public sector companies will be present in strategic sectors, while state-owned firms in other segments will be privatised. This is part of a new coherent Public Sector Enterprises Policy to be formulated to push reforms in Central Public Sector Enterprises (CPSEs). Under the policy, a list of strategic sectors will be notified where there will be at least one, and a maximum of four, public sector enterprises, apart from private sector companies. In other sectors, CPSEs will be privatised depending upon the feasibility. JD AA ABM ABM

Govt to focus on strategic stake sales to meet disinvestment target: DIPAM Secretary

New Delhi, Jan 13 () NMDC has informed the steel ministry about the confusion being created that the state-owned miner is being disinvested, a government official said.
Some people for their vested interest are spreading rumours on social media and in general public that NMDC is being disinvested, which has created an atmosphere of confusion, its Chairman N Brijendra Kumar said last Friday.
He also clarified that NMDC itself is just a stakeholder in Neelachal Ispat Nigam Ltd (NINL)
Last week, the government gave in-principle approval for strategic sale of NINL by allowing PSU shareholders to sell their stake in the steel company.
NMDC has apprised the steel ministry that confusion is being created and rumours are being spread over the issue, the official said, while assuring action against those who are misleading the public.
"Still confusion is being created by some ppl regarding disinvestment in #NINL, a joint venture company of central and state PSUs in the State of Odhisha. The present decision is not for the disinvestment of @nmdclimited . I repeat No Disinvestment of #NMDC by the present decision," Kumar said in a tweet.
He also said people must read the government's decision with regard to NINL and understand that the decision is not related to divestment of NMDC.
Neelachal Ispat Nigam Ltd (NINL) is a joint venture company, in which four central PSUs -- MMTC, National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (BHEL) and MECON -- and two Odisha government companies, IPICOL and Odisha Mining Corporation (OMC), are shareholders.
MMTC holds 49.78 per cent share in NINL, followed by OMC (20.47 per cent), IPICOL (12 per cent), NMDC (10.10 per cent). MECON and BHEL hold 0.68 per cent stake each in the company.
The strategic buyer for NINL will be identified through a two-stage auction procedure, an official statement had said. ABI SID BAL
BAL

NMDC informs Steel Ministry about NMDC disinvestment rumours

New Delhi, Dec 14 () As the central government is planning to invite bids for Air India soon, its CMD said on Saturday that expecting a radical improvement in the airline bordering on a turnaround is an impractical thought "in this environment of disinvestment".
In a Facebook post, Air India Chairman and Managing Director Ashwani Lohani said, "Air India needs to survive till it is sold."
"I wonder why is it so difficult for this appreciation to sink in and also that in this environment of disinvestment, expecting a radical improvement bordering on a turnaround is an impractical thought. That output can be given sans inputs is a grossly impractical thought," he added.
Air India's net loss in 2018-19 was around Rs 8,556 crore.
Lohani said: "Air Indians are indeed putting in their best even at this critical juncture and that is very very appreciable."
On Dec 5, Civil Aviation Minister Hardeep Singh Puri had told Parliament that the preparation of Preliminary Information Memorandum (PIM) for inviting Expression of Interest (EoI) for Air India disinvestment is in process.
According to the October data of aviation regulator DGCA, low-cost carrier IndiGo carried around 47 per cent of domestic passenger traffic. SpiceJet and Air India were at number two and three with around 15 per cent and 13 per cent share, respectively. DSP ABH
ABH

In this disinvestment environment, expecting radical improvement in Air India impractical: CMD

Mumbai, Jan 21 () Air India on Tuesday constituted a nine-member committee to look into staff-related issues in the wake of proposed disinvestment of the carrier, according to a notification.
 The panel has been set up a day after discussions between Civil Aviation Minister Hardeep Singh Puri and representatives of various Air India unions.
 Puri had asked the airline to set up an internal mechanism committee comprising members from the management and its various trade unions to sort out privatisation-related issues of employees, a source had said on Monday.
 The committee would look into "HR (Human Resources) issues of the employees in the wake of the disinvestment of Air India Ltd," the notification said.
 Apart from three general managers of the airline, there are six representatives from various employee unions, as per the notification.
 The committee will regularly meet to crystallise issues within 10 days, it added.
 On January 7, a group of ministers headed by Union Home Minister Amit Shah approved the draft Expression of Interest (EoI) and Share Purchase Agreement (SPA) for disinvestment of Air India.
 In 2018-19, Air India's net loss was around Rs 8,556 crore. 
 The airline has a debt burden of more than Rs 80,000 crore. IAS RAM RVK

Disinvestment-bound AI sets up panel to look into employees' issues

New Delhi, Mar 27 () The government has raised Rs 11,500 crore through strategic sale of two state-run power companies, THDC and NEEPCO, to NTPC. The government has sold 74.49 per cent stake in THDC for Rs 7,500 crore and 100 per cent in NEEPCO for Rs 4,000 crore. With this, the total disinvestment proceeds in the current financial year stand at over Rs 46,500 crore. The Revised Estimates had pegged disinvestment receipts in the current financial year at Rs 65,000 crore. "DIPAM completed two more strategic disinvestment transactions. GoI's 74.49 per cent stake in THDC at a consideration of Rs 7500 cr and 100 per cent stake in NEEPCO at Rs 4000 cr has been disinvested in favour of NTPC," Secretary DIPAM said in a tweet. DIPAM is the Department of Investment and Public Asset Management. JD HRS

Govt raises Rs 11,500 cr from strategic sale of THDC, NEEPCO to NTPC

New Delhi, Feb 3 () Finance Minister Nirmala Sitharaman on Monday said the money raised through disinvestment will be used to develop infrastructure, which will have multiplier effect on the economy and not bridging revenue deficit.
The government set an ambitious disinvestment target of Rs 2.10 lakh crore for the next financial year, which includes selling stake in BPCL and insurance behemoth Life Insurance Corporation of India (LIC).
"We are showing clearly where each monies being raised will go. So, it's not being raised to fill certain hole in the Consolidated Fund of India. The money being raised from disinvestment will go towards infrastructure.
"We are showing the direction. We are telling you where the money is going to be spent so that you can plan your investments and your investments and your expansion well in alignment with what government does... you will facilitate the government and we will equally facilitate the private sector," she said while addressing industry chamber Ficci here.
Citing an example, she said import of those medical equipment which are not made in India will come at a duty, but duty collected will be utilised to fund creating medical infrastructure in aspirational districts where there are not good hospitals.
She said when the government puts money infrastructure, it has cascading effect and give rise to economic activity.
On criticism of the government selling family silver through disinvestment, she said the money is not going to bridge revenue deficit but for creating infrastructure which has multiplier effect on the economy.
"...money is not going to as fancy as revenue expenditure but going for creating infrastructure for the country which would probably have lot more multiplier effect in terms of economic activity than to keep an inefficient public sector largely. There are some efficient one also that are put on the block," she said.
Recalling the past experience of government fiscal expansion during the global economic crisis, the Finance Minister said the government has learnt from the past experience and decided not to go on the splurge to boost economy.
"If I have to spend that kind of money, yes we are willing to do but we are clearly saying that we shall not repeat the mistakes of splurging whereas the money spent now with clear intention of asset creation, public asset creation...," she said. JD DP CS BAL

Disinvestment proceeds to be used for creating infra for country: FM

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, Jan 31 () Most privatised CPSE witnessed improvement in net worth, profit, gross revenue and sales growth after the transition, the Economic Survey has said.
 The survey, tabled in Parliament on Friday, examined the change in performance for each individual central public sector enterprises (CPSE). It studied the movement in major financial indicators for each of the firm ten years before and after the year of strategic disinvestment or privatisation. 
 Taken individually, each privatised CPSE witnessed improvement in net worth, net profit, gross revenue, net profit margin, sales growth in the post-privatisation period compared to pre-privatisation period except for Hindustan Teleprinters, MFIL and Tata Communications in the case of few indicators. it said.
 Disinvestment improves firms' performance and overall productivity, and unlocks their potential to create wealth. This would have a multiplier effect on other sectors of the economy, according to the survey.
 Aggressive disinvestment, preferably through the route of strategic sale, should be utilised to bring in higher profitability, promote efficiency, increase competitiveness and to promote professionalism in management in CPSEs, the survey advocates.
 It observes that the focus of the strategic disinvestment needs to be to exit from non-strategic business and directed towards optimising economic potential of these CPSEs.
 This, it said, would in turn unlock capital for use elsewhere - especially in public infrastructure like roads, power, transmission lines, sewage systems, irrigation systems, railways and urban infrastructure. 
 It is encouraging that the enabling provisions by Department of Investment and Public Asset Management (DIPAM) are already in place, it added.
 According to the survey, the cabinet has in-principle approved the disinvestment in various CPSEs. These need to be taken up aggressively to facilitate creation of fiscal space and improve the efficient allocation of public resources.
 The survey noted that there are about 264 CPSEs under 38 different ministries/departments.
 Of these, 13 ministries/departments have around 10 CPSEs each under its jurisdiction. It is evident that many of the CPSEs are profitable.
 "However, CPSEs have generally underperformed the market as is evident from the average return of only 4 per cent of BSE CPSE index against the 38 per cent return of BSE Sensex during the period 2014-2019. The aim of any privatisation or disinvestment programme should, therefore, be the maximisation of the government's equity stake value," it said.
 The survey also suggested that the government can transfer its stake in the listed CPSEs to a separate corporate entity. This entity would be managed by an independent board and would be mandated to divest the government stake in these CPSEs over a period of time. 
 This will lend professionalism and autonomy to the disinvestment programme which, in turn, would improve the economic performance of the CPSEs, it added.
 In November 2019, the government gave in-principle approval to reduce government of India's paid-up share capital below 51 per cent in select CPSEs.
 To examine the efficiency gains from privatisation and whether the purported benefits of privatisation have indeed manifested in the Indian context, the survey analyses the before-after performance of 11 CPSEs that had undergone strategic disinvestment from 1999-2000 to 2003-04, it said. ABI ABI ANS
ANS

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