The initial public offering (IPO) of India s largest insurance company LIC is likely after October this year, a top official said on Tuesday laying out the government s divestment calendar that includes completing the sale of flag carrier Air India and oil firm BPCL within the first half of the next fiscal. Targeting to raise Rs 1.75 lakh crore from the asset sale to finance projects aimed at reviving the pandemic battered economy, the government is also looking to sell Shipping Corp of India (SCI), IDBI Bank Ltd and two other public sector lenders in the fiscal year beginning April 1. In an interview with PTI, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said the government has introduced the legislative amendments required for disinvestment of a stake in Life Insurance Corporation of India (LIC) and IDBI Bank through the Finance Bill, 2021 presented along with the Budget on Monday.
Budget 2021 sets India on path to high level development February 2, 2021, 3:58 PM IST
Abhishek Sikdar graduated in Economics from St Xavier s College under Calcutta University and post-graduation from Delhi School of Economics. He has worked in several leading business newspapers. During his service career, he had written numerous reports, conducted meetings with global economic consultants and international fund managers and imparted training programs to Sales Teams. LESS. MORE
The Budget 2021 is growth-oriented and proposes to realign India’s high growth story after a decline of 1-2 years because of Covid and ongoing global recession.
The budget focuses on 6 leading growth enablers: health & well-being, physical & financial capital & infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation & research & development, minimum government and maximum governance.
Govt Says BPCL, Air India Stake Sale Will be Completed by September, LIC IPO Post October
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The initial public offering (IPO) of India s largest insurance company LIC is likely after October this year, a top official said on Tuesday laying out the government s divestment calendar that includes completing the sale of flag carrier Air India and oil firm BPCL within the first half of the next fiscal. Targeting to raise Rs 1.75 lakh crore from the asset sale to finance projects aimed at reviving the pandemic battered economy, the government is also looking to sell Shipping Corp of India (SCI), IDBI Bank Ltd and two other public sector lenders in the fiscal year beginning April 1.
Read more about Oil and Gas stocks edge higher on Business Standard. Oil and Gas stocks were trading in green, with the S&P BSE Oil&Gas index increasing 90.78 points or 0.66% at 13902.76 at 09:48 IST.
The government aims at making use of disinvestment proceeds to finance various social sector and developmental programmes
Budget pegs FY22 disinvestment target at Rs 1.75 lakh crore ANI | Updated: Feb 01, 2021 14:47 IST
New Delhi [India], February 1 (ANI): The Budget proposals for 2021-22 on Monday put Rs 1.75 lakh crore as a target from stake sale in public sector companies and financial institutions.
Finance Minister Nirmala Sitharaman said the government aims at making use of disinvestment proceeds to finance various social sector and developmental programmes besides infusing private capital, technology and best management practices. A number of transactions Bharat Petroleum Corporation Ltd, Air India, Shipping Corporation of India, Container Corporation of India, IDBI Bank, BEML, Pawan Hans and Neelachal Ispat Nigam Ltd among others are proposed to be completed in FY 2021-22, she told Parliament.