New Delhi: The government has begun the process for the disinvestment of a minority stake in TCIL (Telecommunications Consultants India Ltd), two notifications posted on the DIPAM (Department of Investment and Public Asset Management) website showed. The notifications were released on February 27 by DIPAM to engage a registrar and an advertising agency for the disinvestment of TCIL.
The notifications said, "Government of India has decided to disinvest 15 percent of its shareholding in TCIL in conjunction with issue of fresh equity of 10 percent by TCIL through 'Initial Public Offering' in the domestic market." The 15 percent stake sale is expected to fetch the government about Rs 900 crore and the issue of 10 percent fresh shares is likely to yield another Rs 600 crore. The total works out to be Rs 1,500 crore. The paid-up capital of TCIL was Rs 59.20 crore, as on March 31, 2018. During the year 2017-18, the company achieved a turnover of Rs 1,260.79 crore with profit after tax of Rs 46.08 crore. The net worth of TCIL is Rs 649.60 crore as on March 31, 2018.
The news comes as the government is looking to raise Rs 65,000 crore via disinvestment before March 31. DIPAM has already managed to raise Rs 35,000 crore so far. With the CCI giving a nod to the acquisition of government shares by NTPC Limited in THDC and NEEPCO, the Centre is set to get another Rs 15,000 crore in its treasury before March-end. To raise the rest of the amount, the government has planned a number of minority stake sales.
TCIL has been undertaking various projects in all fields of telecommunications and information technology and also continuously deploying new technologies in the field of Telecom Software, Switching and Transmission Systems, Cellular Services, Radio Communication, Rural Telecommunications, Optical Fibre-based Backbone Transmission Systems etc. TCIL has diversified its operation and has been executing turnkey projects of Power Transmission, Rural Roads and Civil Construction. TCIL has been executing projects in latest technologies like FTTH, VOIP, IPTV, 3G, Radio Communication etc.
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