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Air India was a difficult transaction since there was nothing there, unlike BEML or Shipping Corporation.

With an aim to restructure the public sector through disinvestment, Neelachal Ispat and Central Electronics will complete privatisation this quarter, with the sale of BPCL and BEML likely by March, as well as the mega LIC initial public offering, Tuhin Kanta Pandey, secretary in the department of investment and public asset management (DIPAM ), said in an exclusive interview with The Times of India.

The previous privatisation took place many years ago, and the government has been selling minority stakes ever since. The centre completed eight disinvestment deals, all of which were from a central PSU to another central PSU. The government supervised the entire process. Air India was a difficult transaction since there was nothing there, unlike BEML or Shipping Corporation.

“Instead of the administrative ministries driving the show, we modified the process in 2019 so that DIPAM could drive it and take a hands-off approach. People were not pushing things earlier because they were apprehensive, therefore we will simplify the process even further. We are now more confident, and various policies have been established, as well as many inter-ministerial processes. Bidders and advisors are also better knowledgeable about the procedure. This (deal) will help to improve the privatisation climate,” he added.

BPCL, BEML, Shipping Corp, Pawan Hans, Neelachal Ispat, and Central Electronics are among the transactions the government is aiming to complete during the current fiscal year. We may be able to secure Neelachal Ispat and Central Electronics in the third quarter, Pandey stated.