‘Will conclude BPCL sale, LIC IPO by Q4’

CEA says privatisation of Air India proceeding well, confident of completing planned disinvestments

The government remains confident of completing the proposed stake sales in Life Insurance Corporation of India and Bharat Petroleum Corporation Ltd. (BPCL) by the end of this fiscal year, Chief Economic Adviser Krishnamurthy Subramanian said on Saturday.

“Privatisation of Air India is proceeding well... two bids have been received. Bharat Petroleum [privatisation] and LIC’s listing we are confident should happen by fourth quarter of this year,” Dr. Subramanian said speaking at the PGPMAX Leadership Summit 2021 of the Indian School of Business (ISB) in Hyderabad.

Describing the three stake sales as important components of the ₹1.75 lakh crore proceeds the Budget had estimated this year from privatisation, the Chief Economic Adviser said the enterprise policy focused on private sector was one of the key pillars of reforms being pursued by the government. Barring three to four public sector undertakings in three or four strategic areas including defence and oil and gas, the rest would be “privatised or taken into right hands so that efficiency gains can come about,” he added.