New Delhi, Feb 2 : Finance Minister Nirmala Sitharaman on Sunday expressed confidence that the disinvestment target of Rs 2.11 lakh crore for the next financial year will be achieved and said the government has proposed to sell a part of its holding in LIC through initial public offer (IPO). Currently, the government owns the entire 100 per cent stake in Life Insurance Corporation of India (LIC). A day after Union Budget presentation, Ms Sitharaman told reporters here that a minor stake in LIC will be disinvested.
The disinvestment target will not be achieved only with LIC, she pointed out. The minister said the disinvestment target could not be achieved due to only six months time between the budget preparation after July in the current financial year, but the government companies in which the disinvestment process has been started, will be completed and the target will be met. Referring to the disinvestment of Air India, the state-run airline, she said that expression of interest (EOI) has been issued for this.
She said massive work was done for this and 'for every such deal, due time is given. 'Between July and today, we will see that legitimate time is given....Such large disinvestment takes up to a year and it is expected that by July 2020, disinvestment in Air India will be done'. (UNI)