CPSEs to execute sale of units having Cabinet nod for privatisation: DIPAM

06 Jun 2022 Evaluate

The finance ministry has said that strategic sale of units of Central Public Sector Enterprise (CPSEs) for which Cabinet approval is already in place will have to be executed by the respective state-owned companies in accordance with the guidelines to be laid down by the Department of Investment and Public Asset Management (DIPAM) shortly. However, it said those transactions for which Expression of Interest (EoI) have been issued will continue to be handled by the DIPAM.

DIPAM, in an office memorandum dated June 1, said that the strategic sale proposal of any CPSE unit which has been approved by the Cabinet Committee on Economic Affairs (CCEA) or Alternative Mechanism (AM) will be taken forward by the state-owned company in accordance with the new guidelines. The office memorandum follows the decision of the Cabinet on May 18, which empowered the boards of Public Sector Enterprises (PSEs) to decide on the closure, strategic or minority stake sale in units/subsidiaries, thereby giving more autonomy to state-owned companies. DIPAM said that the Cabinet had empowered the boards of holding/parent PSEs 'to undertake transactions for disinvestments (both strategic disinvestment and minority stake sale)/closure of subsidiaries/units/ sale of stakes in JVs, including for such cases, where 'in-principle' approval by the CCEA/AM has been accorded'.

Since 2016 the Cabinet has given in-principle approval for strategic disinvestment in 35 state-owned companies and/or their units or subsidiaries. Of them, 9 transactions have been completed. The DIPAM said that the process for undertaking the strategic disinvestment transactions/closure to be followed by the PSEs should be open, based on the principles of competitive bidding and consistent with the guiding principles to be laid down. For strategic disinvestment, such guiding principles will be laid down by DIPAM. For closure, DPE shall issue guiding principles. It said the boards of the state-owned companies will be required to submit proposals for sale of its units or subsidiaries to DIPAM through administrative ministry.

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