Home / News / India /  What Modi govt's top official reveals on Air India, BPCL privatisation plan

The Modi government intends to privatise national carrier Air India and state-owned refiner Bharat Petroleum Corp Ltd this year, Tuhin Kant Pandey, Secretary, secretary, department of investment and public asset management (DIPAM) said at CII Annual Session, news agency ANI tweeted.

"Our disinvestment is back on track. We intend to privatize Air India privatization this year and are also aiming for BPCL privatization this year itself," said Tuhin Kant Pandey, Secretary, DIPAM.

He further added that the government will at least complete the work of financial bids for other candidates like Shipping Corp, BEML, Pawan Hans, and Nilanchal Ispat Nigam, said Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management.

"Shipping Corporation of India, Pawan Hans and Neelachal Ispat Nigam Ltd are the companies where we got sufficient interest from bidders. We are now in the second stage and financial bidding will be completed in this FY," he further said.

The Indian government expects to list state-owned Life Insurance Corp (LIC) by the end of the current fiscal year and collect 500 billion rupees ($6.72 billion) as dividends from state-run companies. LIC is the biggest insurer in the country and is wholly owned by the government.

Prime Minister Narendra Modi will address the Confederation of Indian Industry (CII) Annual Meeting 2021 today at 4:30 PM via video conferencing.

The 2021-22 Union Budget had budgeted 1.75 lakh crore from stake sale in public sector companies and financial institutions, including 2 PSU banks and one insurance company, in the next fiscal year. Unveiling the PSE policy in Budget 2021-22, Finance Minister Nirmala Sitharaman said barring four strategic areas, public sector companies in other sectors will be divested.

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