Major Achivements

S.No. Month Achievements
1 September, 2019
  1. A. Progress of Initial Public Offer (IPO)/ Follow-on Public Offer (FPO) Cases during the month of September 2019: (i) Mazagon Dock Shipbuilders Ltd. (MDL): Meeting of the High Level Committee (HLC) held on 05.09.2019 decided to defer the launch of MDL IPO on the recommendations of Book Running Lead Managers. (BRLMs). Hon'ble Finance Minister has approved the recommendation of HLC to defer the launch of MDL IPO.(ii) KIOCL Ltd.: Selection Committee in its meeting held on 16.09.2019 has appointed Ms. Karvy Fintech Private Ltd. as Registrar for disinvestment of KIOCL Ltd. through FPO in the domestic market. Request for Proposal (RFP) for engagement of Advertisement Agency has been floated on 17.09.2019. (iii) RailTel Corporation of India Ltd. (RAILTEL): Kick off meeting with all stakeholders was held on 17.09.2019. Appointment of Registrar is under process. (iv) Indian Railway Catering & Tourism Corporation (IRCTC): HLC and Alternative Mechanism (AM) meeting was held on 24.09.2019 for fixation of price band, discount and other offer related matter in case of IRCTC IPO. The issue opened on 30.09.2019 and closed on 03.10.2019. The funds would be transferred to GoI account in October, 2019. (v) FCI Aravali Gypsum & Minerals India Ltd. (FAGMIL), WAPCOS Ltd. and Telecommunications Consultants India Ltd. (TCIL): An Inter-ministerial Group (IMG) meeting was held on 27.09.2019 for selection of BRLMs in connection with the IPOs of FAGMIL, WAPCOS & TCIL and also to approve RFP for appointment of Legal Advisers.
  2. B. Progress of Offer for Sale (OFS) Cases during the month of September 2019: (i) RITES Ltd.: Merchant Bankers (MBs) and Legal Adviser (LA) have been appointed in case of RITES OFS. (ii) IRCON International Ltd. (IRCON): Request for Proposal (RFP) for engagement of LA and MBs has been floated.
  3. C. Progress of Important Strategic Disinvestment Cases during the month of September 2019: (i) Nagarnar Steel Plant of NMDC: Comments on Draft CCEA Note have been received from all concerned. Matter is being processed for approval of the competent authorities. (ii) Bharat Earth Movers Ltd. (BEML): Core Group of Secretaries on Disinvestment (CGD) in its meeting held on 16.09.2019 recommended that since the IMG has already identified certain non-core assets for monetisation, DoDP may suggest Board of BEML to pass the resolution to authorise monetization of assets and subsequently process for the approval of Alternative Mechanism (AM). Further, meeting of the Evaluation Committee (EC) was held on 24.09.2019 to discuss Expression of Interest (EoI) and Preliminary Information Memorandum (PIM). EC suggested certain modifications. (iii) Project & Development India Ltd. (PDIL): EC meeting was held on 17.09.2019 in connection with strategic disinvestment of PDIL. (iv) Scooter India Ltd. (SIL): A CGD note was sent to Cabinet Secretariat on 12.09.2019 to seek directions for future course of action. (v) Central Electronics Ltd. (CEL): Directions have been sought on 19.09.2019 from CGD for future course of action. (vi) Pawan Hans Ltd. (PHL): Meeting of the Core Group of Secretaries on Disinvestment (CGD) was held on 06.09.2019 under the Chairmanship of Cabinet Secretary to discuss issues related to bidder queries on Preliminary Information Memorandum (PIM)/Expression of Interest (EoI) for strategic disinvestment of PHL. Further, approval of Alternative Mechanism (AM) was obtained on 12.09.2019 by circulation of proposal regarding issue related to bidder queries on PIM/EoI for strategic disinvestment of PHL. (vii) Air India: Core Group of Secretaries on Disinvestment (CGD) in its meeting held on 06.09.2019 and 25.09.2019 under the Chairmanship of Cabinet Secretary recommended re-initiation of the process of strategic disinvestment of Air India and its subsidiaries. (viii) Three Units of SAIL: Bhadrawati, Salem and Durgapur: Meeting of the Inter-ministerial Group was held on 20.09.2019 where Transaction Adviser (TA) informed that bids have been received from SSP & VISP, but no bid for ASP. (ix) Ferro Scrap Nigam Ltd. (FSNL): Meeting of the IMG was held on 20.09.2019 by Ministry of Steel where MSTC was asked to prepare a proposal for strategic disinvestment of FSNL as per CCEA decision dated 27.10.2016.(x) Kamarajar Port Ltd.: Transaction Adviser (TA) has forwarded draft CIM, SPA and RFP on 30.09.2019 to Ministry of Shipping for approval. (xi) Rastriya Ispat Nigam Ltd. (RINL): Draft CGD Note for strategic disinvestment of RINL was forwarded to Cabinet Secretariat on 12.09.2019 for holding the meeting of CGD.
  4. D. Important meetings during the month of September, 2019: (i) Financial Sector ETF: An Inter-ministerial Group (IMG) meeting was held on 05.09.2019 for selection of Asset Management Company and Legal Adviser (LA) for creation and launch of Financial Sector Exchange Traded Fund (ETF) comprising shares of listed Public Sector Banks (PSBs), Public Sector Insurance Companies (PSICs) and Public Financial Institutions (PFIs). (ii) Bharat 22 ETF: Meeting of the High Level Committee (HLC) was held on 09.09.2019 to make recommendations to Alternative Mechanism (AM) regarding Further Fund Offering 2 of Bharat 22 ETF. Further, meeting of Alternative Mechanism (AM) was held on 12.09.2019 by circulation regarding proposal for FFO 2 of Bharat 22 ETF. (iii) Asset Monetisation: An Inter-ministerial Group (IMG) meeting was held on 13.09.2019. 11 IPC firms have been empanelled for Monetisation of Land & Building of CPSEs/PSUs/other Government Organisation. (iv) Note for the Cabinet Committee on Economic Affairs (CCEA) on modification in the existing procedure and mechanism for strategic disinvestment of CPSEs has been sent to Cabinet Secretariat on 30.09.2019 for consideration and decision.
  5. E. International Road show during the month of September, 2019: (i) In respect of Indian Railway Catering & Tourism Corporation (IRCTC - IPO), international road show was held in Singapore on 16th to 19th September, 2019.
  • Current Year 2019-20 Target and Achievement

    Sl.No. Financial Year Target (In Rs. Crore) Achievement (In Rs. Crore)
    1. 2019-20 1,05,000 17,364.26

    Last 8 years Targets and Achievements

    Sl.No. Financial Year Target (In Rs. Crore) Achievement (In Rs. Crore)
    1. 2011-12 40,000.00 13,894
    2. 2012-13 30,000.00 23,957
    3. 2013-14 40,000.00 15,819
    4. 2014-15 43,425.00 24,349
    5. 2015-16 41,000.00 (excluding strategic disinvestment of Rs. 28,500 crore) 23,997
    6. 2016-17 56,500 (including Rs. 36,000 crore as disinvestment of CPSEs and Rs. 20,500 crore from strategic disinvestment) 46,246.58 (including Rs. 35,467.87 crore from disinvestment of CPSEs and Rs. 10,778.71 crore from disinvestment of strategic holdings and income from management of SUUTI investment)
    7. 2017-18 1,00,000 1,00,056.91
    8. 2018-19 80,000 84,972.16


    Budget Announcements and Implementation Status, 2018-19

    Sl.No. Para No. Text of Announcement Status of Implementation
    1. 102 The Government and market regulators have taken necessary measures for development of monetizing vehicles like Infrastructure Investment Trust(InvIT)and Real Investment Trust(ReITs) in India. The Government would initiate monetizing select CPSE assets using InvITs from next year. The Department is preparing a draft Institutional Framework for asset monetisation of CPSEs.
    2. 123 The Government has approved listing of 14 CPSEs, including two insurance companies, on the stock exchanges. The Government has also initiated the process of strategic disinvestment in 24 CPSEs. This includes strategic privatization of Air India. (i) Out of these, ONGC-HPCL deal has been completed during FY 2017-18. Strategic disinvestment process of 23 CPSEs/ units of CPSEs are in different stages of implementation.
    (ii) For Air India, EoI/PIM was issued on 28.03.2018. No bids were received.
    3. 125 The Government introduced Exchange Traded Fund Bharat-22 to raise Rs. 14,500 crore, which was over-subscribed in all segments. DIPAM will come up with more ETF offers including debt ETF. (i) Hon’ble Finance Minister has approved the constitution of Inter Ministerial Group (IMG) for appointment of one Advisor, one Market Maker and one Legal Advisor for creation, launch and implementation of Debt ETF.

    (ii) IMG has approved the Request for Proposal (RFP) for the appointment of Advisor. RFP for appointment of Advisor has been floated for inviting bids from interested parties.

    Budget Announcements and Implementation Status, 2017-18

    Sl.No. Para No. Text of Announcement Status of Implementation
    1. 104 The shares of Railway PSEs like IRCTC, IRFC and IRCON will be listed in stock exchanges. (i) Intermediaries like Book running Lead Managers, Legal Advisors, Registrars and Auditors have been appointed.
    (ii) Due diligence by BRLMs and the CPSEs is in progress.

    Under Implementation

    2. 103 Listing of Public Sector enterprises will foster greater public accountability and unlock the true value of these companies. The Government will put in place a revised mechanism and procedure to ensure time bound listing of identified CPSEs on stock exchanges. The disinvestment policy announced by me in the last budget will continue. As announced in the Budget, 2017-18, the government has put in place a mechanism/procedure along-with indicative timelines for listing of CPSEs on 17.02.2017. The Administrative Ministries/ Departments have been requested to follow the suggested timelines and to complete time-bound listing of identified CPSEs, as per the extant Acts, Rules and Regulations.

    Implemented

    3. 106 Our ETF, comprising shares of ten CPSEs, has received overwhelming response in the recent Further Fund Offering (FFO). We will continue to use ETF as a vehicle for further disinvestment of shares. Accordingly, a new ETF with diversified CPSE stocks and other Government holdings will be launched in 2017-18. (i) As announced in the budget 2017-18, the New Fund Offer (NFO) of BHARAT 22 was opened for subscription from November14, 2017. It was oversubscribed in all segments of investors, such as, anchor investors, retirement funds, retail investors and others, i.e. QIB/HNI. Over 3.30 lac applications were received from investors.

    (ii) While the anchor segment was oversubscribed by 6 times, the total book for the offer was approximately 4 times oversubscribed. Inflows under the FIIs category to the issue were over US$ 1.5 bn (Rs. 10,000 crore).

    (iii) In order to satisfy the demand from large number of investors, especially from the retail and the retirement fund category the Government has decided to retain a portion of the oversubscription by increasing the issue size of the offer to Rs. 14,500 crore.

    Implemented