Divestment to get LIC sale boost

Divestment to get LIC sale boost
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Highlights

Listing of insurance behemoth LIC and stake sale in IDBI Bank will help the government garner close to half of its record Rs 2.10 lakh crore disinvestment target for the next fiscal.

New Delhi: Listing of insurance behemoth LIC and stake sale in IDBI Bank will help the government garner close to half of its record Rs 2.10 lakh crore disinvestment target for the next fiscal.

On horizon is the stake sale in oil marketing firm BPCL, Concor and Shipping Corporation of India in the next few months. Finance Minister Nirmala Sitharaman expressed confidence in meeting the ambitious disinvestment target for 2020-21 as some of the major stake sale are lined up over next few months.

For the next financial year, beginning April 1, the government expects a substantial Rs 90,000 crore revenue from disinvestment of government stake in public sector banks and financial institutions.

This would be in addition to Rs 1.20 lakh crore estimated to be mopped up from CPSE stake sales in 2020-21.

Taking into account disinvestment proceeds from CPSEs and share sale in banks and financial institutions, the budgeted disinvestment mop up has been set at Rs 2.10 lakh crore for 2020-21.

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