New Delhi: With an aim to meet the divestment target of Rs 90,000 crore for the next financial year, the Finance Ministry has requested all loss-making Central Public Sector Enterprises (CPSE) to create a list of their non-core assets to be sold at once. The non-core assets of CPSEs will comprise assets that are not directly linked with businesses, such as buildings, non-functional warehouses and land parcels.
"The CPSEs will work with NITI Aayog on (preparing) the list. While the complete exercise is likely to take four-five months of time, for the sick CPSEs, it has to be completed by March 31," a senior official from the Department of Investment and Public Asset Management (DIPAM) said.
The government can also revaluate the valuations of these assets through this, the DIPAM official said.
"Many of these assets are valued at a rate that is not in sync with the current market price. NITI Aayog's role will also be to get consultants to do proper valuation of these assets, so that it will be convenient for the government during the divestment," the official explained.
The official added that the NITI Aayog report will be adopted by an alternative mechanism on disinvestment, headed by Finance Minister Arun Jaitley. After this, the CPSEs and the respective administrative ministry will proceed further with the monetisation plan, he said.
The nine CPSEs whose non-core assets have been identified to be sold are Air India, Scooters India, Pawan Hans, Project & Development India, Bharat Pumps & Compressors, Hindustan Newsprint, Bridge & Roof Co, Hindustan Fluorocarbons and Hindustan Prefab.
The government had set a disinvestment target of Rs 80,000 crore for this financial year, comprising the strategic and minority stake sale in CPSEs.