Page 6 - Privatisation

Budget with BS, Ep 5: Privatisation, direct tax mop-up, and Pronab Sen Q&A

Govt puts brakes on CEL privatisation after employees union goes to court

The government has put on hold the privatisation of Central Electronics Ltd (CEL) after the employees union approached the court against the sale of the company to a little-known firm, a top official said Wednesday. Allegations of under-valuation in the Rs 210 crore highest bid made by the city-based Nandal Finance & Leasing are being examined, said Tuhin Kanta Pandey, Secretary in the Department of Investment and Public Asset Management (DIPAM), which is running the privatisation process. The Letter of Intent (LoI) for sale of 100 per cent government shareholding in CEL to Nandal Finance & Leasing has not been issued, as the allegations are being examined, Pandey told PTI. The government had in November approved the sale of CEL, under the Department of Scientific and Industrial Research (DSIR), to Nandal Finance & Leasing for Rs 210 crore. The transaction was scheduled to be completed by March 2022.

BPCL privatisation: How long can govt afford to wait for the right suitor

Its sale has been delayed by two years. But the longer the wait, the lower its chances of getting a good valuation

What is the difference between privatisation and disinvestment?

Loss-making national carrier Air India was privatised last year. And the government is going ahead with LIC disinvestment this year. Find out the difference between these two terms

TMS Ep80: Gold rush, wedding industry, markets, privatisation

What is behind India's renewed love for gold? Will Omicron woes hit the wedding industry? Markets prepared for mini-lockdowns? What are privatisation and disinvestment? All answers here

Best of BS Opinion: The network era looms, cryptocurrency conundrum & more

Here are the top BS Opinion pieces of the day

Disinvestment needs a different approach

Since the government now has a clear policy for PSEs, it should recalibrate the disinvestment programme

Privatisation a way to end reservation: Congress general secretary Priyanka

She also said the Congress announcing to give 40 per cent of tickets to women in the Uttar Pradesh polls is a big initiative

Banking sector set to witness significant reforms in the new year

Privatisation of public sector banks and strategic disinvestment of IDBI Bank on the agenda of the government for 2022

Best of BS Opinion: When AI debates AI, a stark spectacle by any other name

Here is the best of BS Opinion pieces of the day

Avoidable delay

Govt should soon start the PSB privatisation process

No Cabinet decision on privatisation of two PSBs: FM Sitharaman

The bill related to privatisation of PSBs has been listed for the ongoing winter session of Parliament, which ends on December 23

Privatisation: Changing tracks aided Air India, derailed BPCL sale

Changing tracks helps. But, not taking the beaten path isn't always helpful. This is the story of two of India's biggest privatisations - Air India and Bharat Petroleum (BPCL). Nearly two decades after the last privatisation, a landmark divestment concluded this year when the loss-making national carrier Air India was sold to the Tatas. This was made possible only after the government changed the track from selling 76 per cent of its stake in the national carrier to putting on block its entire 100 per cent holding as well as giving bidders an option of deciding how much debt they were willing to take over. But in the case of BPCL, the government ignored suggestions of following its time-tested policy of putting on block 26 per cent stake along with management control, just like it had done in the case of Hindustan Zinc and Balco. Instead, it offered its entire 52.98 per cent in the company operating in a sunset sector. The result - just three bids came in, and two of them struggled

Pawan Hans privatisation: Process now moves to concluding stage, says govt

The government has received an undisclosed number of financial bids for sale of its stake in ailing helicopter operator Pawan Hans, moving the divestment process to the last stage. "The financial bids for Pawan Hans disinvestment have been received by the transaction advisor. The process now moves to a concluding stage, DIPAM Secretary Tuhin Kanta Pandey tweeted. He, however, did not disclose the number of bidders. The government is selling its entire 51 per cent stake in Pawan Hans. State-owned Oil and Natural Gas Corporation (ONGC), which holds the remaining 49 per cent, has also offered its entire shareholding in the company for sale along with the government stake. Set up in 1985, Pawan Hans has a fleet of over 40 helicopters and over 900 employees, less than half of them on permanent roles. It provides helicopter services for the exploration activities of ONGC and to India's northeast. For 2019-20, the company reported a net loss of Rs 28 crore, lower than Rs 69 crore in the

India is mulling changes in law to cut govt's stake in banks: Report

The proposals -- if approved -- would allow the government to gradually lower its holding in state-run lenders to 26% from 51% without diluting its grip on management appointments, say sources

Pawan Hans privatisation: Govt gets financial bids in fourth attempt

Till July 2020, the company had 686 employees - 363 regular and 323 contractual

PSU bank employees go on two-day strike; services hit at many places

Employees of public sector banks went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country

Top headlines: Govt says farm reforms will continue, fraud apps gain users

The Centre's push to phase out kerosene is a work in progress, a decade after the move towards rationalising the allocation of the fuel to states. Read more in today's top headlines

Privatisation of public sector units to drive divestment receipts: MoS

Finance ministry says scope for minority stake sale has declined

Cabinet committee on privatisation yet to take decision on two banks: FM

Finance Minister Nirmala Sitharaman on Monday said the cabinet committee on privatisation is yet to take a decision with regard to divesting two public sector banks.