According to the current plan, the Centre’s disinvestment revenues could exceed the annual disinvestment target of Rs65,000 crore for the current fiscal in Q1 itself, thanks to the proposed LIC IPO, the media reports added.
With this, DIPAM will have sufficient time to pursue other big-ticket transactions such as the strategic disinvestment of IDBI Bank and Container Corporation of India in the remainder of the current financial year. DIPAM has started the new financial year by collecting about Rs3,000 crore from a 1.5% stake sale in oil explorer Oil and Natural Gas Corporation (ONGC) via an offer for sale held on March 30-31. Also, another Rs600 crore is expected from the buyback of shares by Gail India in this month, the media reports added.
Further, a 5% stake sale in LIC, which could have carried Rs65,000-70,000 crore, was enough to achieve the revised (RE) disinvestment receipt target of Rs78,000 crore (down 56% from the budget estimate of Rs1.75 trillion) for FY22. Without the LIC IPO, the government’s disinvestment receipts were just 8% of the budget estimate and 17% of the RE, the media reports added.
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