(FE)
The Narendra Modi government, which had drawn up rather ambitious plan for strategic sales in 16-odd public sector undertakings (PSUs), is set to commence the process: At least nine units including profitable BEML, Pawan Hans, Bridge & Roof Company India and Hindustan Prefabs will be up for grabs over the next few months. India’s last outright sale of a PSU was carried out in 2003-04. According to official sources, an inter-ministerial evaluation committee has recommended initiation of the steps to invite expressions of interest (EoIs) from potential suitors for the nine units. Bharat Pumps & Compressors, Projects & Development India, Hospital Services Consultancy Corporation, National Project Construction Corporation and Engineering Projects are among the other firms on the initial list for strategic sale. In a guidance note, the department of investment and public asset management (DIPAM) said strategic disinvestment process would involve a three-stage process — EoIs to identify serious bidders, request for proposal and bids, and completion.
During the EoI stage, preliminary information memorandum indicating the broad information about the CPSUs and criteria for qualification of potential bidders, would be shared, the sources said. The government will shed management control in BEML, in which it would shed 26% to bring down its holding from 54% now to 28%. BEML, a mining and construction equipment maker, reported a profit of Rs 73 crore in FY17.
