Major Achivements

S.No. Month Achievements
1 June 2019
  1. A. Progress of Initial Public Offer (IPO) Cases During the month of June 2019: (i) RailTel IPO: Bids for selection of Book Running Lead Managers (BRLMs) and Legal Adviser (LA) are opened. Presentations for selection of BRLMs & LA are schedule during next month. (ii) Mazagon Dock Shipbuilders Ltd. (MDL): Review meeting for MDL IPO was held during this month. B. Progress of Offer for Sale (OFS) Cases During the month of June 2019: (i) RITES OFS: Bid opening for selection of BRLM and LA was held during this month. C. Progress of Further Fund Offer (FPO) Cases During the month of June 2019: (i)KOICL Ltd.: IMG in its meeting held during this month has recommended M/s IDBI Capital as BRLM and M/s SNG & Partners firm as LA for the disinvestment of KIOCL Ltd. through FPO method.
  2. D. Progress of Important Strategic Disinvestment Cases during the month of June 2019: (i) Nagarnar Steel Plant of NMDC: Recently, the Core Group of Secretaries on Disinvestment (CGD) in its meeting has given in-principle approval for demerger of NMDC. Further, a meeting was held under Secretary, DIPAM with Transaction Adviser (TA) and Legal Adviser (LA) to look into the legalities of the demerger process transferring of land, taxation etc.(ii) Ferro Scrap Nigam Ltd. (FSNL): Ministry of Steel has intimated that FSNL operates in SAIL plants only for extraction of metal from slag, and therefore, there is no logic for its merger with MSTC. Ministry of Steel shall be sending a proposal for merger of FSNL with SAIL shortly. (iii) Alloy Steel Plant, (Durgapur), Salem Steel Plant, Bhadravati Steel Plant: An Inter-ministerial Group (IMG) meeting held during this month when Preliminary Information Memorandum (PIM)/ Expression of Interest (EoI) was discussed. TA has been asked to prepare revised PIM/EoI. (iv) Engineering Projects (India) Ltd. (EPIL): The Alternative Mechanism (AM) approved the EoI and PIM for strategic disinvestment of EPIL by circulation. EoI seeking interest from the prospective bidders was released. (v) Central Electronics Ltd. (CEL): Process at final stage. Request for Proposal (RFP) has been issued to Qualified Institutional Buyer (QIB) inviting financial bids. (vi) Pawan Hans Ltd. (PHL): Alternative Mechanism meeting held for approving the EoI/PIM. (vii) Air India and its subsidiaries/ JV: PIM & EoI for sale of Air India Air Transport Services Limited (AIATSL), a subsidiary of Air India, issued by AIAHL. Last date of submission extended to next month. Once AISAM is constituted, the current status shall be informed and further direction will be taken. (viii) Kamarajar Port Ltd. (KPL): Transaction Adviser and Legal Adviser appointed. EoI and PIM under preparation.
  3. E. Important meetings during the month of June 2019: (i) Financial ETF: A meeting of the Inter-ministerial Group (IMG) was held for selection of an Adviser for creation of new Exchange Traded Fund (ETF) comprising shares of listed Public Sectors Banks (PSBs), Public Sector Insurance Companies (PSICs) and Public Sector Financial Institutions (PSFIs). IMG approved the draft Request for Proposal (RFP) and the same was uploaded. (ii) Asset Monetisation Programme: Pre-bid meeting was held on to clarify the queries from the interested bidders in respect of Request for Empanelment (RFE) for empanelment of consultancy firms on Asset Monetisation of Central Public Sector Enterprises (CPSEs)/Public Sector Undertakings (PSUs)/other Government organizations and Immovable Enemy Properties.
  • Current Year 2019-20 Target and Achievement

    Sl.No. Financial Year Target (In Rs. Crore) Achievement (In Rs. Crore)
    1. 2019-20 90,000 2357.10

    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