PRIVATIZATION OF COMPANIES BY INDIAN GOVERNMENT
Companies sold by Modi Government From 2014
As announced by the government, all the PSUs in the non-strategic sector are going to be soon privatized and For the strategic sector, there will be less than 4 companies that would be owned by the government.
There were 339 public sector enterprises in India. But the Government has "no business being in business", as Government can't expand these sectors or handle these companies so the Government is merging or privatizing many of these companies and made them compete with other private competitors, and also they are using this for the COVID-19 crisis.
There were 339 public sector enterprises in India. But the Government has "no business being in business", as Government can't expand these sectors or handle these companies so the Government is merging or privatizing many of these companies and made them compete with other private competitors, and also they are using this for the COVID-19 crisis.
If there are sectors where there are too many government companies, they will be brought together in such a way that there won't be more than four. A detailed policy will soon be issued, Finance Minister Nirmala Sitharaman has not confirmed yet that which particular sectors would be owned by the government.
List of companies which are going to be privatized as follows -:
- Steel Authority of India Limited (SAIL )
- National Thermal Power Corporation ( NTPC )
- Bharat Heavy Electric Limited ( BHEL )
- Bharat Petroleum and Corporation Limited ( BPCL )
- Hindustan Petroleum Corporation Limited ( HPCL )
- Indian Oil Corporation Limited ( IOCL )
- Gas Authority of India Limited ( GAIL )
- Coal India Limited ( CIL )
In March 2019 the net worth of all CPSEs in India at Rs.12.08 Lakh Crore.
1. Steel Authority of India Limited (SAIL)
2. National Thermal Power Corporation ( NTPC )
Since it is not confirmed that NTPC will be privatized but also the government never denied the facts which will make it privatized.
For now, the government holds a 54.5% share of NTPC but soon it will be reduced to 51% which will result in privatization.
The employees of NTPC are in fear since the privatization of BPCL and CONCUR as this was never expected by anyone.
Also, the employees are raising their voices several times in different parts of the country.
Between 2018 and 2019, the NTPC produced 22% of the electricity distributed to India.
3. Bharat Heavy Electric Limited ( BHEL )
BHEL is the largest engineering and manufacturing enterprise in India which is established in 1964 by the Indian Government. It produces Gas Turbines, Boilers, Pumps, Heat Exchangers, and many more heavy critical products for our use. In a cabinet meeting, the government of India approved to sell 5% of stake power gear maker BHEL. The Central Government will sell 5% of its 67.7% shares in Bharat Heavy ElectricalsLimited through a follow on public share offering.
4. Bharat Petroleum and Corporation Limited ( BPCL )
BPCL was established in 1952 and it was the leading company of Petroleum in our country. It operates the two largest refineries located in Kochi and Mumbai. The Central Government now proposing strategic disinvestment of its entire shareholding in Bharat Petroleum and Corporation Limited comprising 114.91 crore equity shares which constitute 52.98% of BPCL equity share capital.
5. Hindustan Petroleum and Corporation Limited (HPCL )
HPCL was established in 1974 and it is an Indian oil and Natural gas company which produces Petrol, Diesel, Lubricant, and more items related to these. The Government of India now going to sell all shares with HPCL to ONGC of 51.11% stake in oil refiner HPCLNSE 1.95% for Rs 36,915 crore.ONGC said it bought 77.88 crore shares in HPCL for Rs 473 per share.
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IOCL was one of the largest commercial oil companies in India was established on 30 June 1959. His total income is about Rs 16,894 crore in 2019. It produces Petrochemicals, Petroleum, Natural Gas, and serves his products to India, Sri Lanka, Middle East, Mauritius. The government of India sells his 10% Indian Oil Corporation stake for up to Rs 9500 crore. The employees of IOCL move to court against the government's proposal to sell the retailing business.
GAIL is the biggest company producing Natural Gas, Liquid Hydrocarbons, Liquified petroleum gas. It was established 35 years ago on August 1984. Gas Authority of Indian Limited marketing business formed 76% of its total sales and about 30% pre-tax profit. The government has a 54.89% stake in GAIL India. Its market cap is Rs 65,600 crore.
8. Coal Indian Limited ( CIL )
CIL was founded in 1975 and it is an Indian state-owned company that has coal mining and refineries. His Net Income is about Rs 17,462 crore in 2019. The government of India sold a 3.18% stake in Coal India. The first big-ticket disinvestment of current fiscal, and it will fetch up to Rs 5,300 crore. The retail investors lap up 6.19 crore shares.
Source - BUSINESS INSIDER
Source - BUSINESS INSIDER
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