India has raised over £40b through disinvestment since Modi came to power in 2014: Finance ministry

• PTI
• 20 December, 2022

Follow Us

By: PTI

The Indian government has raised over Rs 4.04 lakh crore (£40.2 billion) through disinvestment and strategic sale of public sector enterprises since prime minister Narendra Modi’s Bharatiya Janata Party came into power in 2014, the country’s finance ministry on Tuesday (20) said.

Of this, the largest amount totalling over Rs 1.07 lakh crore (£10.6 billion) through offer for sale in 59 cases. This was followed by a stake sale through Exchange Traded Fund in 10 tranches, aggregating to Rs 98,949 crore (£9.85 billion).

Strategic sales in 10 companies, including Air India, yielded Rs 69,412 crore (£6.9 billion) to the exchequer in the last eight years. Share buyback in 45 cases fetched Rs 45,104 crore (£4.49 billion).

17 CPSEs were listed since 2014-15, which yielded Rs 50,386 crore (£5.01 billion). Of this, the initial public offering of Life Insurance Corporation of India alone fetched the government Rs 20,516 crore (£2.04 billion).

The additional market capitalisation of Rs 7.31 lakh crore (£72.8 billion) was achieved through new listings, the ministry said.

Besides, the government has sold its residual stake in Paradeep Phosphate Ltd, IPCL, and Tata Communication for Rs 472 crore (£47 million), Rs 219 crore (£21.8 million) and Rs 8,847 crore (£881.3 million), respectively.