Centre aims big on strategic sales

Biggest strategic divestment planned for completion in FY18 is sale of its 51% stake in HPCL to ONGC

After slow progress over the past two years regarding privatising state-owned companies, the government is looking to speed up the process of ‘strategic disinvestment’. On Wednesday, the Cabinet committee on economic affairs (CCEA) approved the setting up of a high-powered committee of ministers that will shorten the time taken from identification of a company to its final sale.

The committee, dubbed an ‘alternative mechanism’, will consist of Finance Minister Arun Jaitley, Road Transport and Highways Minister Nitin Gadkari, and the minister of the administrative department whose company has been earmarked for strategic sale.

Senior government officials told Business Standard that