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IREDA share price jumped over 4% in early trade on Thursday after the company received government approval for raising ₹4,500 crore through fresh equity issue. The Department of Investment and Public Asset Management gave its approval to Indian Renewable Energy Development Agency on September 18 to raise up to ₹4500 crore in fresh equity issue through a Qualified Institutional Placement. …

New Delhi: Privatisation of central public sector enterprises has not been put on hold, but is not a priority under the government's calibrated approach to disinvestment, said Tuhin Kanta Pandey, secretary of the department of investment and public asset management. The outright focus now is on value creation," Pandey told Mint in an exclusive post-budget interaction in response to a …

Monetization of non-core assets including land, real estate and infrastructure is being transferred from the department of investment and public asset management to the department of public enterprises within the finance ministry. According to four people aware of the development, the transition has begun with the first step being the National Land Monetisation Corporation set up for monetizing non-core land …

New Delhi: The government on Monday said it has received multiple preliminary bids for buying Ferro Scrap Nigam Ltd. The Department of Investment and Public Asset Management had in March invited bids for strategic sale of FSNL. Multiple Expressions of interest received for Strategic Disinvestment of Ferro Scrap Nigam Ltd - a wholly owned subsidiary of MSTC Ltd, DIPAM Secretary …

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LIC IPO: The central government has recently refuted claims around the initial public offering of the Life Insurance Corporation of India. The Centre, a day back, dismissed media speculations claiming that the government is unlikely to come up with the IPO of Life Insurance Corporation in the current financial year ending March 2022. “Some media speculation doubting the feasibility of …

The Union government is planning the initial public offering of Life Insurance Corp. of India Ltd in the March quarter, a top government official said. “We are working very hard for the LIC IPO,” said Tuhin Kanta Pandey, secretary of the Department of Investment and Public Asset Management. DIPAM has appointed 10 merchant bankers, including Goldman Sachs Securities, Citigroup Global …

In Push to Privatization, Department of Public Enterprises is Back with Finance Ministry

The Narendra Modi government’s decision to bring the Department of Public Enterprises under the Finance Ministry from the Ministry of Heavy Industries & Public Enterprises is indicative of the desire to expedite and facilitate privatization. If the government succeeds in selling public sector undertakings, also called public enterprises and public sector enterprises, it will be a big boost to the …

BEML Ltd on Saturday said DIPAM and NITI Aayog have agreed to the proposal of incorporation of a wholly-owned arm for demerger of surplus land and asset as part of BEML's strategic disinvestment process. "Ministry of Defence.conveyed that Department of Investment and Public Asset Management and NITI Aayog have concurred to the proposal of incorporation of wholly-owned subsidiary of BEML …

The government on Thursday said it will intimate qualified interested bidders of Air India on January 5 next year, instead of the earlier decided date of December 29, 2020. The Department of Investment and Public Asset Management on Thursday issued a tenth corrigendum to global invitation for Expression of Interest for the proposed strategic disinvestment of Air India Ltd stating …

RailTel initial public offering process gains momentum

The government is looking to divest up to 25 per cent stake in RailTel Corporation through initial public offering, and is scouting for advertising agencies to manage the listing process. "The Department of Investment and Public Asset Management requires services of a reputed advertising agency with experience and expertise in public offerings in capital markets to act as an advertising …

Initial Public Offering Public Offering Ipo Dipam Railtel

Budget 2019 has again put the focus on disinvestment. That said, the best investment bankers would fall short were they to work within the confines of the financial rules and office procedures of India’s government. The overlapping remit of Dipam and administrative ministries controlling different central public sector enterprises and the independent roles of companies and their boards make the …

At the current market price, sale of 15 percent stake in RITES would fetch around Rs 700 crore to the government. New Delhi: The government is planning to divest up to 15 percent stake in railway public sector undertaking RITES through an offer for sale, which could fetch around Rs 700 crore to the exchequer. Railways consultancy firm RITES got …

The Department of Investment and Public Asset Management Monday issued the guidelines for monetisation of non-core assets of CPSEs and immovable enemy properties New Delhi: State-run companies will have 12 months to monetise non-core assets identified by a ministerial panel headed by the finance minister, failing which the finance ministry may restrict budgetary allocations to the CPSEs. The Department of …

Mumbai: The Department of Investment and Public Asset Management, the finance ministry’s arm managing PSU divestments, wants to reduce its dependence on public institutions, including insurance companies and banks, during initial public offering, DIPAM joint secretary Venudhar Reddy Nukala said on Tuesday. “In the previous financial year, the investment from LIC and PSU banks was approximately ₹25,000 crore in our …