Divestment: CPSEs to execute sale of Cabinet-cleared items
The Finance Ministry has mentioned that the strategic sale of items of central public sector enterprises (CPSEs) for which clearance of the Cabinet is already in place should be executed by the respective state-owned corporations, in accordance with the rules to be laid down by DIPAM shortly.
However, these transactions for which expression of curiosity (EoI) have been issued will proceed to be dealt with by the Department of Investment and Public Asset Management (DIPAM), it added.
In an workplace memorandum dated June 1, DIPAM mentioned that the strategic sale proposal of any CPSE unit which has been authorised by the Cabinet Committee on Economic Affairs (CCEA) or Alternative Mechanism (AM) will likely be taken ahead by the state-owned firm in accordance with the brand new tips. The memo follows the choice of the Cabinet on May 18, which empowered the boards of PSEs to resolve on the closure, strategic or minority stake sale in items/subsidiaries, thereby giving extra autonomy to state-owned corporations.
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