While confirming that LIC would be going for an initial public offering (IPO) “soon”, Sitharaman refused to share any more details as the discussions about the valuation of the company are still undergoing. “We have shown the intent of the government,” she added.
Air India’s privatisation has already been cleared. Neelachal Ispat Nigam Limited (NINL) — a company promoted by state-owned MMTC — has found its buyer, there is a little more work to be done there. “We are progressing in many of these things, and I think we have been realistic in telling what we’ll do and achieve what we have told,” Sitharaman added, handing over the stage to another official from the finance ministry.
Tuhin Kanta Pandey, Secretary of Department Of Investment and Public Asset Management, added the sale of NINL will not bring any capital to the Indian government in accounting terms. “The emphasis is on completion of transaction and implementation. And, if we keep too high a target, sometimes, it also distorts the market. Nothing stops us from achieving a disinvestment as per the plan.”