FinMin reworking strategic sale procedure for CPSEs

The finance ministry is reworking strategic sale procedure to ensure outright sale of CPSEs within 4 months of issuance of documents to potential investors, a move aimed at ensuring speedier conclusion of the entire process, an official said.

However, for CPSEs like Air India, which are relatively bigger in size, the timeline for completion of strategic sale is likely to be fixed at 6 months from the date of issuance of Preliminary Information Memorandum (PIM) about the company.

Currently, there is no set timeline for concluding strategic sale of a state-owned company and the entire process, in some cases, drags on for months, if not years.

"The strategic sale policy is already in place, but the procedure needs to be streamlined so that the sale process is completed within 3-4 months' time. The thinking is that if a process cannot be completed in 4 months then it should be abandoned," an official told PTI.

Facing a daunting task of meeting the Rs 90,000-crore disinvestment target in ..