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Govt raises about Rs 52400 Crore through disinvestment in current fiscal so far

By TIOL News Service

NEW DELHI, DEC 18, 2017: THE year 2017 is about to come to an end and it was a satisfactory year for the Department of Disinvestment. It raised a total of Rs 52390 Crore through disinvestment till December 15, 2017 in the current Financial Year 2017-18.

With the aim of using Exchange Traded Funds as a vehicle for divestment of shares to meet the target for CPSE's disinvestment in 2017-18 set at Rs 72,500 crore, the Government launched a new Exchange Traded Fund (ETF) by the name BHARAT 22 on 14 th November 2017, managed by ICICI Prudential, targeting an initial amount of about Rs.8,000 crore. Bharat-22 is a unique blend of 22 stocks of CPSE's, PSB's & strategic holding of SUUTI. Compared to energy heavy CPSE ETF, Bharat 22 is a well-diversified portfolio with 6 sectors (Basic Materials, Energy, Finance, FMCG, Industrials and Utilities). The strength of this ETF lies in the specially created Index S&P BSE BHARAT-22 INDEX and has been demonstrated in its performance from the time of its announcement in August 2017 wherein it has out-performed the NIFTY-50 and Sensex and raised about Rs. 14,500 crore.

Some of the other major disinvestments successfully done by the Department in the FY 2017-18 are,

NAME OF CPSES

% OF GOIS SHARES DISINVESTED

RECEIPTS (In Crores)

GOIS SHAREHOLDING POST DISINVESTMENT

OIL

5.6

1135.26

66.13%

NALCO

9.2125

1191.73

65.38%

HUDCO

10.193

1207.35

89.81%

SUUTI

Strategic Disinvestment

41.53.65

-

NIA

11.65

7653.32

85.44%

NTPC

6.63

9117.92

63.11%

GIC

12.5

9704.16

85.78%

(Source - DIPAM site)

On 16 th August 2017, the Cabinet Committee on Economic Affairs, chaired by the Prime Minister Mr Narendra Modi, had approved the proposal of Department of Investment and public Asset Management (DIPAM) for the strategic disinvestment (i) For setting-up an Alternative Mechanism (AM) consisting of the Finance Minister, Minister for Road Transport & Highways and Minister of Administrative Department, to decide on the matters relating to terms and conditions of the sale from the stage of inviting of Express of Interests (Eols) till inviting of financial bid; and (ii) For empowering the Core Group of Secretaries (CGD) to take policy decisions with regard to procedural issues and to consider deviations as necessary from time to time for effective implementation of decisions of CCEA. The approval will help in speedy completion of strategic disinvestment transactions.


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