The land and stake sale is expected to be completed by FY20-end
The Congress leaders also blamed the NDA government for the crisis in the financial institutions.
PSUs believe that they too enjoy immunity in much the same way as the government does
Sources said that the government is also looking at selling its minority stakes in companies such as Hindustan Zinc and Vedanta.
LIC, which is the largest financial institution in India could easily become country’s top listed company if its shares get listed.
The official further said the ETF route would bring back investor confidence in the banking stocks.
Higher provisioning towards bad loans or non-performing assets (NPAs) had impacted the balance sheets of PSU lenders.
The state government had to intervene a few years ago to provide support to the PSUs after a major share was in financial trouble for a long time and could not even pay the staff salaries.
With Prime Minister Narendra Modi's office recently asking all government departments to identify unutilised land, developers are hoping that such land will soon be made available to them
The government has set up a committee to suggest measures to fast-track the ramping up of modernisation of the steel sector public sector firms -- SAIL and RINL.
The Economic Survey of this year recommended a ‘bad bank’ to kickstart the resolution of non-performing loans in the banking industry. However, this is not a definite solution for the system, believes Suresh Ganpathy of Macquarie Capital Securities India.
The central government is likely to write to the market regulator Securities and Exchange Board of India (SEBI) for accelerating equity offer documents. This will help the regulator meet its aim of timely listing of the public sector undertakings (PSUs), reports today‘s Business Standard.
"I was surprised to see that the top management of these PSUs rarely interacted with the other PSUs. There are areas like storage space for material where under-utilisation can be overcome if they share resources," the Steel Minister told PTI.
Finance Minister Arun Jaitley, in his Budget speech today, proposed merging of all oil public sector units (PSUs) to create one integrated company. It a welcome move and will create synergies in the sector, said the oil minister Dharmendra Pradhan.
Blue chip PSUs are eyeing funds from the Employees Provident Fund Organisation (EPFO) which is sitting on a huge cash pile, said Labour Minister Bandaru Dattatreya.
Government think tank Niti Aayog today said public sector units to be put up for strategic sale have been identified and now it is up to the Finance Ministry to start the process of their privatisation.
The Union Cabinet today gave in- principle approval to Niti Aayog's proposal for strategic sale in over a dozen public sector undertakings (PSUs) including those that are making profits.
Discussing market fundamentals on CNBC-TV18, UR Bhat said that a Donald Trump presidency will bring uncertainty in the market but the US policy is not likely to change dramatically if he wins.
Concerned about a majority of state-owned firms not meeting the norm of 20 per cent procurement from micro and small enterprises, CII has called for a strong co-ordination mechanism between the ministry of MSME and other stakeholders.
The state-owned company informed about the "Letter of Offer" in a BSE filing. SBI Capital Markets is the manager to the buyback offer that closes on October 18.
ICICI Prudential Mutual Fund has been appointed by the government to manage the second CPSE exchange traded fund (ETF) comprising stocks of PSUs in the current fiscal with an estimated corpus of Rs 6,000 crore.
The All India Trade Union Congress (AITUC) today came out strongly against the central government for its steps to privatise 22 public sector undertakings, terming them "anti-people policy of strategic sale".
The benchmark BSE Sensex reclaimed the 28K-level, though ending the week marginally up by 26.49 points to 28,078.35, while broader Nifty gained 44.65 to finish at 8,683.15.
Government today said it has issued guidelines for award of tenders for shipbuilding and repair works for PSUs and departments under which Indian shipyards will be granted 'right of first refusal' to enable them to compete with foreign players.