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Government planning to sell stakes in BHEL, Mecon Ltd., and Andrew Yule and Co. Ltd.

Government planning to sell stakes in BHEL, Mecon Ltd., and Andrew Yule and Co. Ltd. (1)
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The government may consider Bharat Heavy Electricals Ltd (BHEL), Mecon Ltd, and Andrew Yule and Co. Ltd for the next round of disinvestment. Recently, SBI Capital Markets Ltd is the adviser to the proposed stake sale in BHEL, has submitted its report to the DIPAM (Department of Investment and Public Asset Management. This report will help the government whether to proceed with stake sale of BHEL, Mecon, and Andrew Yule and amount of stake would be sold. The Department of Heavy Industry is the nodal industry for both BHEL and Andrew Yule and Steel Ministry for Mecon.

This stake sale of these three companies will support the government to raise funds via asset sales for the next fiscal year and the government is expecting to raise Rs. 1.75 lakh crore from these disinvestment receipts next fiscal year 2021-22. In January the government has been able to raise Rs. 15, 220 crore from disinvestment against the disinvestment target of Rs. 2.1 lakh crore. The government was aiming to raise Rs 90,000 crore from disinvestment in financial institutions alone.

“As you would be aware, the disinvestment exercise of any PSU is the prerogative of the government. Accordingly, Dipam manages the process as mandated. To the best of our knowledge, there is no information on Bhel’s disinvestment at this juncture,” said BHEL Spokesperson. [1]

There is an assumption that the government is also planning for the sale of Air India, Bharat Petroleum Corporation, Container Corporation of India, and Shipping Corporation of India as well.[2]

Resource:-

[1] https://www.hindustantimes.com/business/govt-to-sell-stakes-in-bhel-two-others-next-101612748511165.html

[2] https://www.freepressjournal.in/business/bhel-mecon-andrew-yule-and-co-among-others-likely-candidates-for-disinvestment

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Written by Hardik Tokas

Hardik Tokas is a law graduate from GGSIPU, Delhi. He is an analytical thinker, an active team player who is proactive in legal research and writing, and has highly motivated enthusiasm for business, start-ups, and entrepreneurship. He has the vision to deliver excellent support to the visionary entrepreneurs and educate them in all legal compliances of applicable laws considering their business level and long term growth. He is a goal-oriented professional and a valuable member of the organization.

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