Govt to invite financial bids for privatisation of 5-6 PSUs by Dec-Jan

BPCL case is in due diligence stage with three bidders said to be keen in acquiring the OMC; BEML, Shipping Corp and Pawan Hans among others on the block

The government will invite financial bids for privatisation of five to six public sector undertakings (PSUs) in December-January, and close these transactions in the current financial year, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said.

After 19 years, privatisation of five to six PSUs will take place this year itself, Pandey said at the Global Economic Policy Summit.

BEML, Shipping Corporation of India ( SCI), Pawan Hans, Central Electronics, Nilachal Ispat Nigam are the PSUs the government is looking to privatise this year, he said.  

Pandey said privatisation of Bharat Petroleum Corporation Ltd (BPCL) is in the due diligence stage. Three bidders have reportedly shown interest in acquiring the oil marketing company.

“These are the transactions which we think that financial bidding can take place in December-January, and we can actually privatise them during this year itself,” Pandey said.

While there is a consultative process at the official and ministerial level to accomplish things faster, the Cabinet Secretary also held a meeting to further simplify the process, he said.

The government is also working to launch the initial public offering of Life Insurance Corporation of India (LIC) in January-March, Pandey said. This IPO will be a big event for markets, he added.