Active Stocks
Tue Mar 19 2024 14:51:11
  1. Tata Consultancy Services share price
  2. 3,984.95 -3.86%
  1. Tata Steel share price
  2. 149.50 -0.07%
  1. Bharti Airtel share price
  2. 1,231.40 0.52%
  1. Power Grid Corporation Of India share price
  2. 260.20 -1.81%
  1. ITC share price
  2. 409.95 -1.78%
Business News/ News / India/  Govt sells 'enemy properties' worth 1,874 crore to meet disinvestment target
BackBack

Govt sells 'enemy properties' worth ₹1,874 crore to meet disinvestment target

The government has mopped up ₹2,350 crore as the disinvestment proceeds in the first month of 2019-20
  • Cabinet cleared the mechanism for monetisation of immovable 'enemy property' assets held under the custody of CEPI
  •  (Photo: Ramesh Pathania/Mint)Premium
    (Photo: Ramesh Pathania/Mint)

    NEW DELHI : In a first, the government has sold 'enemy properties' worth 1,874 crore in April, as it seeks to fast-track the sale process of such assets to meet the 90,000-crore disinvestment target set for the current fiscal.

    The government has mopped up 2,350 crore as the disinvestment proceeds in the first month of 2019-20, of which, 476 crore was on account of IPO of Rail Vikas Nigam Ltd (RVNL) and 1,874 crore from the sale of 'Enemy Property', according to data on the DIPAM website.

    The Cabinet in November 2018 had given its go-ahead to the Department of Investment and Public Asset Management (DIPAM) to sell 'enemy shares' and 'enemy properties' -- which refers to the assets left behind by people who migrated to Pakistan or China and are no longer citizens of India.

    Thereafter in March 2019, the Cabinet cleared the mechanism for monetisation of immovable 'enemy property' assets held under the custody of the Custodian of Enemy Property for India (CEPI).

    According to the asset monetisation guideliness laid down by DIPAM, the CEPI or the Ministry of Home Affairs selects the properties for sale in consultation with stakeholders and the state government.

    Such assets would have to be free of encumbrances and encroachment. The final approval for sale of such assets is given by a ministerial panel headed by the finance minister.

    In the previous financial year, the government mopped up 84,972 crore from disinvestment, including sale of 'enemy shares' worth 779 crore.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    This story has been published from a wire agency feed without modifications to the text.

    Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
    More Less
    Published: 30 Apr 2019, 03:25 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App