Delay in privatization process focusing on LIC and Air India
MUMBAI: Other public sector undertakings such as Shipping Corporation of India (SCI), Bharat Petroleum Corporation Ltd. are currently focusing on privatization of Air India and IPO of Life Insurance Corporation of India (LIC). It is learned that the disinvestment program of (BPCL) has been delayed. Not only that, but some of the recommendations made by the Policy Commission for privatization are yet to be considered by The Department of Investment and Public Asset Management (DIPAM). The government intends to conduct LIC's IPO by any means in the current financial year and has directed the concerned departments to expedite its approval, government sources said. The government wants to submit the draft for the IPO by November. Bids to sell to Air India are in the final stages and are likely to be announced soon. The government has set a target of raising Rs 15,000 to 20,000 crore through the sale of Air India and Rs 1 lakh crore through the sale of stake in LIC. The process of ...