Govt plans to sell up to 25% stake in TCIL via IPO in Jan-March quarter

The Finance Ministry is planning an initial public offering (IPO) to sell up to 25 per cent stake in telecom engineering and consultancy firm TCIL in the January-March quarter of the current fiscal, an official said.

The ministry is planning to list four Central Public Sector Enterprises (CPSEs) and work on launching the IPO of Telecommunications Consultants India Ltd (TCIL) has begun, the official added.

"We are looking at launching TCIL IPO in current fiscal. We will soon approach Cabinet for securing approval for up to 25 per cent stake dilution," the official told PTI.

TCIL, under the administrative control of the Department of Telecommunications, was set up in 1978. The company had a turnover of Rs 12.05 billion and profit after tax of Rs 708 million in 2016-17 fiscal.

The government has raised over Rs 150 billion so far this fiscal through PSU disinvestment, which includes Rs 17 billion from IPOs of four PSUs -- RITES, IRCON, MIDHANI and Garden Reach Shipbuilders.