Central Government prepares to lock up 6 companies: Ministry of Finance

New delhi date. Monday, September 14, 2020

The central government is preparing to sell stakes in 20 of its companies and their units. Apart from this, consideration is also being given to close six companies, said Anurag Singh Thakur, Minister of State in the Ministry of Finance.

In a written reply to the Lok Sabha, he said that the process of strategic disinvestment in these companies would be initiated at different stages. The government is working on disinvestment through strategic stack cell and minority stack dilution.

Thakur said the policy commission has set some conditions for disinvestment of government companies. Based on this, the government has approved strategic disinvestment in 34 companies since 2016. In 8 of these cases, the process has been completed and 6 companies are being considered for closure and in the remaining 20, the process is in various stages.

Companies being considered for closure include Hindustan Fluorocarbon Limited (HFL), Scooters India, Bharat Pumps and Compressors Limited, Hindustan Prefab, Hindustan Newsprint and Karnataka & Pharmaceuticals Limited.

Apart from this, Project and Development India Ltd., Engineering Project (India) Ltd., Bridge & Roof Company India Ltd., Unit of Cement Corporation of India, Central Electronics Ltd., Bharat Earth Movers Ltd. (BEML), Ferro Scrap Corporation Ltd. and N.M. The process is ongoing. At the same time, the strategic sale process is underway at Alloy Steel Plant, Durgapur, Salem Steel Plant, SAIL's Bhadravati Unit, Pawan Hans, Air India and its five subsidiaries and a joint venture.

HLL Life Care Ltd., Indian Medicine and Pharmaceutical Corporation Ltd., various units of ITDC, Hindustan Antibiotics, Bengal Chemicals and Pharmaceuticals, Bharat Petroleum Corporation Ltd., Shipping Corporation of India, Corporation.