The much-anticipated preliminary public providing (IPO) of Life Insurance coverage Company of India (LIC) can herald Rs 1 lakh crore for the federal government, mentioned the Chief Financial Adviser (CEA) Okay.V. Subramanian.
Talking at a webinar on Saturday, the CEA mentioned that the strategic sale of Bharat Petroleum Company Ltd (BPCL) is probably going to herald Rs 75,000-80,000 crore.
He was of the view that the disinvestment goal of Rs 1.75 lakh crore for the monetary 12 months 2021-22 was “imminently achievable”.
Speaking of the disinvestment goal for the present fiscal, Subramanian mentioned: “Of this, BPCL privatisation and LIC itemizing itself had been essential contributors. There are estimates suggesting Rs 75,000-80,000 crore and even larger can simply come from the privatisation of BPCL itself. LIC IPO might herald Rs 1 lakh crore roughly.”
Each the privatisation of BPCL and IPO of LIC had been initially focused to be accomplished inside the present fiscal, which didn’t full amid the pandemic.
In the course of the Union Finances presentation for FY21, Finance Minister Nirmala Sitharaman introduced that the all of the beforehand introduced disinvestment processes shall be accomplished within the subsequent fiscal.
The LIC IPO is anticipated to return in round October-November this 12 months.