Major Achivements

S.No. Month Achievements
1 January, 2019
  1. Completed Transaction: 1. Buyback of NHPC Ltd.: Buyback of shares offer opened for subscription on 21.1.2019. The Government has received Rs. 397.90 crore approximately from this buyback.
  2. Transactions which are under progress: 1. Important Meetings held during the Month: (i) An Inter-Ministerial Group (IMG) meeting was held on 17.1.2019 for the sale of enemy shares. (ii) A HLC meeting was held on 31.1.2019 with respect of sale of share held under the custody of Custodian of Enemy Property for India. 2. Status of Buyback cases: (i) Indian Oil Corporation Ltd. (IOCL): An IMG meeting was held on 3.1.2019 regarding Buyback of IOCL. (ii) NMDC Ltd.: The High Level Committee (HLC) and Alternative Mechanism (AM) meetings for buyback of shares by NMDC Ltd. were held on 9.1.2019. The AM considered the recommendations of HLC and approved participation of Government in this transaction. 3. Status of Strategic Disinvestment Cases: (i) Kamarajar Port Ltd. (KPL): Core Group of Secretaries on Disinvestment (CGD) in its meeting held on 23.1.2019 had considered the Ministry of Shipping proposal on strategic disinvestment of KPL. In this regard, a CCEA Note incorporating the recommendation of CGD has been initiated. (ii) NPCC Ltd.: CGD in its meeting was held on 23.1.2019 approved the draft Share Purchase Agreement in respect of strategic disinvestment of NPCC Ltd. (iii) HFL: CGD in its meeting was held on 23.1.2019 in respect of strategic disinvestment of HFL, recommended the closure of HFL. (iv) Dredging Corporation of India Ltd. (DCIL): AM has approved Share Purchase Agreement for strategic disinvestment of DCIL. (v) Air India and its five subsidiaries and one Joint Venture: IMG meeting was held on 31.1.2019 in Ministry of Civil Aviation to finalize Expression of Interest/Preliminary Information Memorandum to be issued to prospective bidders. (vi) Pawan Hans Ltd. (PHL): Comments received from the short-listed bidders have examined by the Transaction Adviser and Legal Adviser. 4. Status of Initial Public Offer cases: (i) MSTC (IPO): The Inter-Ministerial Group (IMG) for engagement of Advertising Agency for MSTC IPO was held on 2.1.2019. Appointment letter has been sent to the Advertising Agency. Further, the High Level Committee and AM meetings for this transaction were held on 29.1.2019. The AM considered the recommendations of High Level Committee and approved percentage of disinvestment and other offer related matters for this transaction. 5. Status of Merger & Acquisition: The following progress took place in respect of Merger & Acquisition: (i) M/s RBSA has been appointed as the Asset Valuer. 6. Status of Offer for Sale cases: (i) Bharat Electronics Ltd. (BEL): Domestic Road-show for BEL OFS was held on 16th & 17th January, 2019 in Mumbai and 24th January, 2019 in Chennai. (ii) Housing and Urban Development Corporation Ltd. (HUDCO): The road shows for HUDCO OFS was conducted during 23rd & 24th January, 2019 in Mumbai and Hong Kong on 30th & 31st January, 2019.
  • Current Year 2018-19 Target and Achievement

    Sl.No. Financial Year Target (In Rs. Crore) Achievement (In Rs. Crore)
    1. 2018-19 80,000 56,473.32

    Last 7 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


    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