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Govt set to offload CPSEs

CPSEs to execute sale of Cabinet-cleared units for privatisation: DIPAM

Govt set to offload CPSEs

New Delhi: Strategic sale of units of CPSEs, for which Cabinet approval is already in place will have to be executed by the respective state-owned companies in accordance with the guidelines to be laid down by DIPAM shortly, the finance ministry said.

However, those transactions for which Expression of Interest (EoI) have been issued will continue to be handled by the Department of Investment and Public Asset Management (DIPAM), it said. DIPAM, in an office memorandum dated June 1, said that the strategic sale proposal of any CPSE (Central Public Sector Enterprise) unit which has been approved by the Cabinet Committee on Economic Affairs (CCEA) or Alternative Mechanism (AM) will be taken forward by the state-owned company in accordance with the new guidelines.

The office memorandum follows the decision of the Cabinet on May 18, which empowered the boards of Public-Sector Enterprises (PSEs) to decide on the closure, strategic or minority stake sale in units/subsidiaries, thereby giving more autonomy to state-owned companies.

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