News

Home | Market | News | News Details

News Details

(As on Feb 14, 2020, 17:41)

Air India sale expected in first half of next fiscal: DIPAM Sec Pandey

The government expects to complete sale of national carrier Air India in the first half of the next fiscal, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said on Friday.

During an interaction with financial sector experts to discuss the Union Budget, Pandey also said disinvestment strategy has shifted from minority stake sale in public sector units to strategic sale, and a lot of privatisation would happen in the next fiscal.

In November, he said the government decided on big ticket disinvestments while referring to sale of stakes in BPCL, CONCOR, and Shipping Corporation of India.

"I think our movement has been very swift. Even the Expression of Interest (EoI) for Air India is in the public domain... We intend to complete these transactions in the first half of financial year 2020-21," he said.

The next financial year starts from April 1.

Last month, the government issued a preliminary information memorandum for 100 per cent stake sale in Air India.

The airline's 100 per cent shareholding in profit-making budget carrier Air India Express as well as 50 per cent shareholding in equal joint venture Air India SATS Airport Services (AISATS) would also be sold.

The deadline for submitting the EoI is March 17.

This is at least the third time that the government is attempting disinvestment of Air India, which has been in the red since merger with Air India Express in 2007. The first attempt for stake sale, when Air India and Indian Airlines were separate entities, was done in 2001-2002 period when the NDA government was in power.

In 2018, the government proposed to offload 76 per cent stake as well as transfer the management control but there were no bidders.

Air India has more than Rs 60,000 crore debt.

About proposed stake sale in LIC, Pandey said it was a "big thing" and lot of value would be unlocked.

According to him, disinvesment in the public sector insurance company would be done, keeping in mind the interest of all stakeholders.

Department of Economic Affairs (DEA) Secretary Atanu Chakraborty, who was also present at the session chaired by Finance Minister Nirmala Sitharaman, sought suggestions from the industry on direct listing of Indian companies on foreign bourses.

He said the government was working on a scheme towards it as many companies want to get listed both in India and abroad at the same time. The discussions are at an advanced stage, he added.

Currently, Indian companies can list their shares through depository receipts abroad, while foreign companies need to go through the Indian Depository Receipt route for listing of equities.

A high-level panel has already recommended to markets regulator Sebi to allow direct listing of Indian companies on overseas bourses and of foreign firms on Indian exchanges.

TRADEWELL SECURITIES LIMITED
CORPORATE MEMBER OF BOMBAY STOCK EXCHANGE OF INDIA LTD  |  MEMBER ID : 3187  |  NATIONAL STOCK EXCHANGE OF INDIA LTD  |  MEMBER ID: 12835
SEGMENTS: BSE CASH  |  BSE STAR MF  |  NSE CASH  |  NSE FO  |  NSE CD  |  NSE MF
SEBI REGN NO. INZ000171936
AMFI ARN CODE: 111875
SEBI MCX REGISTRATION NUMBER: INZ000067338, MEMBER ID: 31100
CDSL DP ID NO. : 12052700 DP SEBI REG.NO.IN-DP-CDSL-432-2007
NSE | BSE | RBI | SEBI | CDSL | MCX | AMFI

ATTENTION INVESTORS "Prevent Unauthorised transactions in your account --> Update your mobile numbers/email IDs with us. Receive information of your transactions directly from Exchange on your mobile/email at the end of the day.......... Issued in the interest of investors". "Prevent Unauthorized Transactions in your demat account --> Update your Mobile Number with us. Receive alerts on your Registered Mobile for all debit and other important transactions in your demat account directly from CDSL on the same day.......... Issued in the interest of investors". "KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary".

(Note : Best viewed in 1024 X 768 and above resolution also in IE 9 and above all higher versions.)


Copyright © 2015 Tradewell Securities Limited. All rights reserved.

Designed, developed and content provided by dion

SMS Registration

Submit Clear

Mobile Trading

Segment

Submit Clear

logo

Submit Clear

Investors Grievances

DP Grievances
tslgrievance@tradewellmail.com

Trading Grievances
igtsl@tradewellmail.com

Invest By QFI

QFI's Can now invest in Indian Capital Markets Through Tradewell Securities ltd -
For details Contact
Mr K.Brahmaiah - 9246399440/040-23541258.

CLIENT LOGIN

NOTES:

FRANCHISEE LOGIN

NOTES:

INTERNET TRADING

NOTES: