Union finance minister Nirmala Sitharaman announced that the union government is planning to sell Public Sector Undertakings (PSU) Air India and the oil marketing company Bharat Petroleum Corporation (BPCL) by March 2020.
The disinvestment of the two state-run companies is critical for the government to meet its target of Rs 1 lakh crore for the current fiscal year.
“We are moving on both with the expectation that we can complete them this year. The ground realities will play out,” Sitharaman said.
The finance minister added that there is a “lot of interest” among investors which is apparent in international roadshows ahead of Air India’s sale. The government had to drop the national carrier’s stake sale last year owing to investors’ lukewarm response.
Nirmala Sitharaman also said that the government is on the right track towards resolving the economic slowdown and added that several sectors are now coming out of distress.