Government aims to sell these 3 PSUs by March 2020

New Delhi: The clock has finally started ticking for these PSUs if a report published in a newswire agency is to be believed. According to a report published in the newswire Reuters, the government aims to sell three state-owned Public Sector Undertakings (PSUs) companies to local private or foreign companies by the March 2020, senior officials of Ministry of Finance said. The government plans to raise up to Rs 6,000 Crore ($ 8.5 billion) by the end of this financial year.

"The PMO is very clear that we cannot be selling government companies to another government company and then call it privatization,"- Reuters' Source

The first PSU on the list of the government for disinvestment is Bharat Petroleum Corporation Limited (BPCL), an oil and gas Maharatna PSU under the Ministry of Petroleum and Natural Gas. Second is India's major logistic PSU, Container Corporation of India Limited (CONCOR) which is a Navratna PSU under the Ministry of Railways and the third one, loss-making Indian carrier Air India Limited (Air India), under the Ministry of Civil Aviation, which government has already tried selling but failed. The information has been published sourcing a senior official of the Ministry of Finance, who requested not to be named.

Not willing to sell PSUs to PSUs- PM

The Government aims to sell stakes in these PSUs to local private or foreign companies because Prime Ministers is not happy with the way PSUs' divestments have been carried out so far. According to the report the Prime Minister's Office (PMO) had voiced categorical reservations about the Finance Ministry's past sales of stakes in one state entity to another, which happened in the first tenure of PM Modi. Same was the case when refiner Hindustan Petroleum Corp Ltd was sold to Oil and Natural Gas Corp Ltd (ONGC), the official said.
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"The PMO is very clear that we cannot be selling government companies to another government company and then call it privatization," the official said.