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New Delhi: The Department of Investment and Public Asset Management (DIPAM) is processing disinvestment of 17 state-owned enterprises, of which disinvestment of Air India and Air India Express Ltd. are at the concluding stage, minister of state for finance Bhagwat Kishanrao Karad told the Parliament on Monday.

For Air India, the government has selected Talace Pvt Ltd., the company set up by the Tata Group to acquire the national carrier.

The ministry said that DIPAM is processing the ongoing disinvestment of companies like Project & Development India Ltd., Engineering Project (India) Ltd., Bridge and Roof Co. India Ltd., Central Electronics Ltd. and BEML Ltd.

The administrative ministries are processing stake sale in various units of India Tourism Development Corp. Ltd., Hindustan Antibiotics Ltd. and Bengal Chemicals & Pharmaceuticals Ltd.

However, transactions are held up due to litigation in the case of Hindustan Newsprint Ltd. and Karnataka Antibiotics & Pharmaceuticals Ltd.

In the case of five companies, disinvestment has been halted and they are recommended or approved for closure. These are Hindustan Fluorocarbons Ltd., Scooters India Ltd., Bharat Pumps & Compressors Ltd., 26. Hindustan Prefab Ltd. and units of Cement Corporation of India Ltd.

The government has set a 1.75 trillion disinvestment target for this fiscal and is preparing for the public float of state-run Life Insurance Corp. of India. The government is also pursuing an asset monetisation programme to raise resources for fresh investment into infrastructure projects.

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