Government Looks To Raise Rs. 11,000 Crore From Listing Of Insurers

New Delhi: Government arrangements to strip Rs. 11,000 crore worth of stake in PSU general insurance agencies to meet the lofty disinvestment focus of Rs. 72,500 crore next financial.

Of the aggregate target, Rs. 46,500 crore will be prepared through minority stake deal and Rs. 15,000 crore from vital disinvestment.

The objective of Rs. 72,500 crore is higher than Rs. 45,500 crore the legislature has assessed to bring up in the current financial.

“Other than key and minority stake deal, Rs. 11,000 crore has been planned from posting of general insurance agencies. The office will make best attempt to meet the general Budget target,” Disinvestment Secretary Neeraj Gupta told PTI.

As of late, the Cabinet affirmed diminishment of stake in five state-possessed general insurance agencies to 75 for every penny by posting them on the bourses.

The Cabinet Committee on Economic Affairs, headed by Prime Minister Narendra Modi, offered gesture to posting five government-claimed general insurance agencies – New India Assurance Company, United India Insurance, Oriental Insurance Company, National Insurance Company and General Insurance Corporation of India (GIC).

The administration shareholding in these organizations will be diminished from 100 for each penny to 75 for every penny in at least one tranches over a timeframe.

With respect to key disinvestment, the Department of Investment and Public Asset Management (DIPAM) has officially recognized organizations and started handle at times.

The administration has welcomed offers for specialists and lawful counsel for key offer of PDIL and NPCC, other than Pawan Hans.

Concerning the National Projects Construction Corporation (NPCC), the administration has chosen to disinvest 100 for each penny of its shareholding through merger with an also put CPSE.

So also, the administration has looked for applications for engagement of a counselor and a legitimate consultant for 100 for every penny key disinvestment of Project Development India Ltd (PDIL) and Hindustan Prefab Ltd (HPL).

The last date for sending in application for PDIL and NPCC is February 3 while for HPL, it is February 6.

Source:- NDTV

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