The government is trying to raise up to 10 trillion ($133 billion) by selling a 10% stake. Bloomberg reported that a 5% stake sale would make it India’s biggest IPO, while a 10% dilution would make it the second largest insurance company worldwide.
“We are pushing to do it,” Finance Minister Nirmala Sitharaman said in an interview with Bloomberg last month. It is a question of due process.” The Finance Minister had announced plans to sell shares in the insurer in February 2020, but the outbreak of the COVID-19 pandemic slowed down the process.
The Government of India aims to privatize 5-6 state-owned companies in FY 2012. Financial bids of half a dozen CPSEs invited in December-January DIPAM Secretary said.
Regarding BPCL, Pandey said that the process is in due diligence stage. “Financial bidding of BEML, Shipping Corp, Pawan Hans, Central Electronic and Nilanchal Ispat may be held in December-January, their transactions are expected in the current financial year.”