In a major announcement, Union Minister of Finance Nirmala Sitharaman said on Saturday (16 November) that the Government would wrap up the sale of public-sector behemoths Air India and Bharat Petroleum Corporation Limited (BPCL) by March next year, reports The Times of India.
Giving an interview to The Times of India, Sitharaman also said that there is a "lot of interest" in the investor community about the sale of Air India as seen in the international roadshows carried out by the Government in this regard.
It should be noted that the Government of India had attempted to divest off Air India in the previous fiscal as well, but it had to eventually shelve the plan because of tepid response received from the investors.
The announcement from Sitharaman comes at a time when the Government is relying on proceeds from disinvestment of state owned assets and companies to meet the deficit in tax collections which is likely to arise after Sitharaman had announced historic corporate tax cuts in the recent past to revive the economy.
It should be noted that for the ongoing fiscal, Government has set a disinvestment target of Rs 1.05 lakh crore.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.