Friday, September 30, 2022

No proposal to disinvest any Navratna PSU this year, says Arvind Sawant

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New Delhi: Minister for Heavy Industries & Public Enterprises Arvind Ganpat Sawant said on Monday that after the strategic disinvestment of Hindustan Petroleum Corporation Ltd (HPCL) and Rural Electrification Corporation (REC), there is no other proposal for the strategic disinvestment of any Navaratna public sector undertaking (PSU).

The information was shared by Sawant while responding to a question in Rajya Sabha.

Strategic disinvestment of 28 PSUs on the anvil

The minister also said that the government has given ‘in-principle’ approval for strategic disinvestment of 28 CPSEs including subsidiaries, units and joint ventures with the sale of the majority stake of the government and transfer of management control. The proceeds from the strategic sale will depend on various factors, including market conditions, at the time of the actual sale.

71 PSUs under loss

A public sector enterprise survey tabled in the Parliament on December 27 last year had shown that there were a total of 339 PSUs as on March 31, 2018. Out of this, 257 were in operation and 82 were under construction. Of the 257 operating CPSEs, 71 CPSEs had incurred losses during 2017-18.

Bharat Sanchar Nigam Ltd (BSNL), Air India and Mahanagar Telephone Nigam Limited (MTNL) had recorded the highest plunge in balance sheets, the survey had shown.

The disinvestment target

The government exceeded the last year’s disinvestment target by Rs 5,000 crores to settle at Rs 85,000 crores. For this year the government is aiming to rake in Rs 90,000 crores. Out of this, the Centre has so far managed to mop up Rs 2357.10 crores.

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